22 March 2013 16:44 [Source: ICIS news]
LONDON (ICIS)--European naphtha prices dropped below $900/tonne (€693/tonne) CIF NWE this week, due to softer upstream crude oil prices and weak downstream petrochemical demand, industry sources said on Friday.
The last time naphtha traded below the $900/tonne mark was in early January, according to ICIS data.
On the evening of Monday 18 March, naphtha traded at $898/tonne CIF NWE, compared to $913-925/tonne the previous Friday.
Naphtha prices fluctuated through the week, trading at $896/tonne CIF NWE on Wednesday, before climbing back to $906/tonne on Thursday evening on improved demand from the downstream gasoline sector.
A lower price differential with gasoline has translated into improved naphtha use for gasoline blending purposes.
The main application of naphtha is in the petrochemical production of olefins.
Naphtha is also used as a feedstock for gasoline blending.
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($1 = €0.77)
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