Record high open-spec naphtha bid on high crude

06 June 2008 17:09  [Source: ICIS news]

LONDON (ICIS news)--European open-spec naphtha values skyrocketed on the back of crude oil on Friday with a record high bid of $1,091/tonne (€693.7/tonne) reported.

 

The open-spec naphtha bid was on a cost, insurance and freight (CIF) northwest Europe (NWE) basis and made in the wake of soaring crude values, which had risen more than $6/bbl in intraday trading.

 

The July crack spread was reported at -$11/bbl relative to July Brent, which was trading around $133.65/bbl at 15:30 GMT.

 

General trading conditions were weak due to high prices and a lack of support from the gasoline and petrochemicals sectors, traders said.

 

($1 = €0.64)

 

 

By: Kawai Wong
+44 20 8652 3214

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