04 January 2011 13:05 [Source: ICIS news]
LONDON (ICIS)--The weekly average price of European naphtha reached $863/tonne (€647/tonne) on Tuesday morning - its highest level for more than 27 months.
Higher crude oil prices and a stronger crack spread drove the naphtha cargo price to an assessed range of $879-887/tonne CIF (cost, insurance and freight) NWE (northwest Europe), according to ICIS data.
This was an increase of $25/tonne from the afternoon of 31 December.
The crack spread strengthened mainly as a result of strong demand from Asia, sources said.
Weekly average naphtha prices have not been at a similar level since September 2008.
February Brent was trading at $95.49/bbl at noon on Tuesday.
($1 = €0.75)
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