NewsFlashEurope naphtha trades at $1,150/t high

27 June 2008 17:02  [Source: ICIS news]

LONDON (ICIS news)--European open spec naphtha cargoes traded at a record of $1,150/tonne (€725/tonne) driven by fresh highs on crude oil futures, market players said on Friday.

Open spec naphtha was traded three times during open market trading.

BP booked Gunvor’s offer at $1,144/tonne with 18-22 July delivery, while Morgan Stanley booked Vitol’s offer twice at $1,143/tonne and $1,150/tonne, both with 14-18 July delivery.

The July crack spread was reported at -$12.40/bbl to -$12.10/bbl around 15:30 GMT.

Trader said that the high price was due to oil values having reached fresh record highs earlier in the day, while the wide range of traded prices was due to crude's volatility during the open market trading session.

($1 = €0.63)

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By: Kawai Wong
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