Europe naphtha hits new record $855/tonne

23 November 2007 17:09  [Source: ICIS news]

LONDON (ICIS news)--European open spec naphtha cargoes reached another record high on Friday as a 12,500 tonne cargo was sold at $855/tonne, following crude values.

The trade saw Gunvor sell a 12,000 tonne cargo to Stasco for 3-7 December loading at $855/tonne CFR (cost and freight) Rotterdam, exceeding the previous record high trade at $837/tonne set earlier this week.

Traders attributed the new record to high crude oil values. Front-month ICE Brent was recorded at $95.38/bbl at 16:30 GMT, up $0.88 from Thursday's close.

The December crack spread, which had turned negative this week, was reported at $0.70-0.90/bbl, which showed the market gaining strength relative to the crude oil sector.

($1 = €0.67)

By: Kawai Wong
+44 20 8652 3214

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