24 April 2008 10:47 [Source: ICIS news]
LONDON (ICIS news)--The Europe-to-Asia naphtha arbitrage window reopened on Thursday with trader Vitol fixing 60,000 tonnes of open spec material for 28 April loading, sources said.
A $35/tonne (€22/tonne) spread between Europe and ?xml:namespace>
Brokers and traders both said that there was little support from the petrochemical sector, which deemed prices too high and gasoline sector, which is plentifully stocked on both sides of the
Asia naphtha prices was heard around $983.50-986.50/tonne CFR (cost and freight)
In Europe values were assessed lower at around $945-948/tonne CIF (cost, insurance and freight) NWE (northwest
The May crack spread, the differential between the values of crude and naphtha, was -$9.00-8.85/bbl, illustrating that the naphtha market was not keeping up with the massive gains in crude.
($1 = €0.63)
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