US Gulf naphtha prices climb on tender issued from PDVSA

13 June 2012 23:29  [Source: ICIS news]

HOUSTON (ICIS)--US Gulf spot naphtha prices jumped, countering lower spot gasoline prices, and boosted by demand from Venezuela’s state-owned Petroleos de Venezuela SA (PDVSA), a broker said on Wednesday.

In early June and late May, PDVSA issued two tenders, each for 400,000 bbl of heavy naphtha, to be filled by US Gulf producers, traders said. A third tender was expected.

On Wednesday, trading for heavy naphtha strengthened as PDVSA issued the third tender, also for 400,000 bbl of naphtha, the broker said.

Heavy naphtha trades were assessed at 12.00 cents/gal under spot gasoline with the lowest vapour pressure, compared with a discount of 21.00 cents/gal for heavy naphtha on Monday and Tuesday.

This boosted spot naphtha prices by 7.00 cents to $2.52-2.53/gal, compared with $2.45-2.46/gal on Tuesday.

By: Sheena Martin
+1 713 525 2653

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