25 January 2011 12:27 [Source: ICIS news]
The previous afternoon's naphtha cargo range was assessed at $844-852/tonne CIF (cost, insurance and freight) NWE (northwest Europe). By Tuesday morning it had slumped to $823-831/tonne CIF NWE.
This is the crack spread's third week in negative territory. It weakened from minus $2/bbl late on 24 January to minus $2.30/bbl on Tuesday morning.
“It’s because of a weak market with more sellers than buyers,” according to a trader.
The price of crude oil fell as a result of a stronger US dollar, speculation that OPEC may increase output and expectations that this week's US inventory data will show an increase in crude stocks.
At 11:30 GMT, Brent crude was trading at $95.15/bbl, down by $1.45/bbl.
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