08 June 2012 11:13 [Source: ICIS news]
The prompt crack spread versus Brent crude futures narrowed to $17.65/tonne on 8 June, ICIS data showed.
“This [is] maybe one of the lowest crack spreads ever,” a trader said.
Open-spec naphtha prices for the second half of July plunged to $747.00-749.00/tonne CFR (cost & freight)
“With crackers cutting operating rates because of poor product margins, and [an] influx of arbitrage cargoes, there is plenty of naphtha [in the region],” a trader said.
Weak downstream demand from the key petrochemical products weighed on buying interests of cracker operators, traders said.
($1 = €0.79)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections