NewsFlashEurope naphtha hits $885/tonne high

07 March 2008 17:07  [Source: ICIS news]

LONDON (ICIS news)--European open spec naphtha set another record of at $885/tonne (€575/tonne) on Friday on the back of another crude oil high and an Asian arbitrage.

The trade saw Cargill sell 12,500 tonnes of open spec naphtha with 25-29 March delivery to Koch to beat the previous high set on Monday of $876/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp).

Traders estimated that since February this year, around 800,000 tonnes of European naphtha had been exported to Asia, which had been short on material for a number of months.

Sources also said on Friday that although prices are at record highs, demand in Europe was weak with little support from the petrochemical sector and no blending interest from gasoline producers.

($1 = €0.65)

By: Kawai Wong
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly