04 April 2011 12:52 [Source: ICIS news]
(clarification of reason for rise in lead paragraph)
The last time naphtha was at a similar level was 1 August 2008, when it stood at $1,023–1,033/tonne CIF (cost, insurance and freight) NWE (northwest Europe).
The increase would have been greater if the crack spread had not weakened in what sources believe was an effort to compensate for higher crude oil prices.
On Friday afternoon, the cargo range was $1,019–1,027/tonne CIF NWE. May Brent crude oil stood at $118.44/bbl and the crack spread in the minus-$5.05/bbl range.
At 10.00 GMT on Monday, May Brent crude oil had risen to $119.28/bbl, while the crack spread had weakened to minus $5.80/bbl.
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