29 August 2008 17:40 [Source: ICIS news]
Improving refinery margins, possibly driven both by crude oil’s recent $20/bbl drop and the onset of the winter gasoline season, had already driven values up to -$6.30/bbl on 14 August from -$14.15/bbl a month earlier.
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On Wednesday the first spot deal in over a month was heard at $988/tonne (€672/tonne). The spot market had been very quiet for some weeks, with very little activity reported.
Although values fell back to -$7/bbl on Friday, traders were expecting continuing improvement throughout next week.
“[The hurricane] did very much already have a positive effect on crack values,” said one.
Another added: “Depending on the effects of Gustav, I think we will see naphtha activity speeding up early next week.”
($1 = €0.68)
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