Europe naphtha down sharply on falling crude

04 March 2008 17:22  [Source: ICIS news]

LONDON (ICIS news)--European open spec naphtha fell sharply on Tuesday as crude oil futures lost over $3.00/bbl.

 

Open spec naphtha bids and offers were heard in the range of $832-837/tonne.

 

The bid was made by Cargill with 25-29 March loading at $832/tonne CIF (cost, insurance and freight) ARA (Amsterdam Rotterdam Antwerp) while the offer was made by Total with 14-18 March delivery at $837/tonne CFR (cost and freight) Rotterdam.

 

The latest spot values were in stark contrast to Monday's record high trade, which saw a 12,500 tonne cargo being sold at $876/tonne CIF ARA.

 

The March crack spread also fell to minus $4.00/bbl relative to crude, reflecting ongoing market weakness.

By: Kawai Wong
+44 20 8652 3214

< previous article(ICIS Chemical Business podcast November 2, 2009)

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