03 June 2013 15:36 [Source: ICIS news]
LONDON (ICIS)--The European contract cracker margin based on naphtha feedstock was largely flat in the week ending 31 May, but the margin average for the whole month is nearly €190/tonne ($247/tonne) below the average margin for April, according to ICIS analysis on Monday.
On 31 May, euro-based naphtha costs fell by 0.3%, but this was balanced out by a similar drop in co-product credits. Naphtha prices firmed nearly $2/tonne, but this was outweighed by a 0.5% weakening of the dollar versus the euro.
The spot margin was up €50/tonne because of firmer spot ethylene prices, but despite this the margin average for May spot is the lowest since December 2012.
The contract margin based on liquefied petroleum gas (LPG) was up slightly – by €6/tonne – because of a 0.6% fall in euro-based LPG costs. The LPG margin average for May is showing a premium of €78/tonne versus that for naphtha.
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