25 June 2013 16:21 [Source: ICIS news]
ICE Brent crude oil futures traded above $101/bbl on Tuesday 25 June and on 24 May, contributing to similar naphtha values on both days.
July ICE Brent crude oil futures traded at $101.87/bbl at 16:30 GMT on 24 May, while August ICE Brent crude oil futures were at $101.76/bbl at 11:30 GMT on 25 June.
As a result, naphtha cargoes were priced at $827-828/tonne (€628-629/tonne) northwest Europe (NWE) CIF (cost, insurance & freight) on 24 May, compared with $830-832/tonne on 25 June.
Changes in upstream crude oil values remain the main driver behind naphtha prices. Last week, naphtha values were volatile on fluctuating prices in the upstream crude oil markets.
The main application of naphtha is in the petrochemical production of olefins. Naphtha is also used as a feedstock for gasoline blending.
($1 = €0.76)
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