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)
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