24 October 2008 10:39 [Source: ICIS news]
LONDON (ICIS news)--Europe naphtha prices continued their free-fall on Friday to record the lowest levels since February 2005 at $413-426/tonne (€322-332/tonne), on falling crude prices and demand, traders said.
The price range, assessed on a cost, insurance and freight (CIF) northwest Europe (NWE) basis by global chemical market intelligence service ICIS pricing, was the lowest since $410-425/tonne CIF NWE on 17 February 2005, and less than half of the $860-870/tonne range assessed on 22 September.
Downward pressure came both from the dramatic plunge in crude oil price and the chronic lack of demand for spot naphtha in both the gasoline blending pool and from petrochemical crackers.
The naphtha crack spread remained at -$17.50/bbl, almost $3/bbl lower than the previous high of -$14.60/bbl during the record high prices set in July.
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