15 April 2008 17:32 [Source: ICIS news]
On the open market, the cargoes were offered up to $904/tonne CFR (cost and freight) Rotterdam for 25-29 April delivery.
Other offers were heard at $900/tonne CFR Rotterdam and $902/tonne CFR Rotterdam. One bid was heard at $871/tonne CFR Rotterdam.
The fresh record has put the European naphtha market in turmoil. Traders had said there was diminished buying interest due to such high prices and volatility.
One broker said that the supply and demand fundamentals in the market were distorted as prices were driven by crude oil and not via buying interest in the market.
The broker added that on the open market during the past week, there were virtually no bids in the market only wide offers since market players want to sell but were unwilling to reduce their offers due to the high cost of crude oil.
The naphtha crack spread, which compares the naphtha market relative to the crude oil sector was quoted at -$9.30/bbl to minus -$9.10/bbl for May, reflecting the relative weakness in the naphtha market.
($1 = €0.63)
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