Europe July naphtha prices rise 7% month on month

24 July 2013 17:38  [Source: ICIS news]

LONDON (ICIS)--Northwest European naphtha prices rose by $55-56/tonne, or 7% month on month, mostly on the back of firmer upstream crude oil prices, industry sources said on Wednesday.

ICE Brent crude oil futures rose from $100.06/bbl (15:30 GMT) on 24 June to $107.43/bbl on 24 July (15:30 GMT).

DATE  24 JUNE 2013  24 JULY 2013 
 PRICE  $823-825/tonne  $879-880/tonne

Naphtha CIF (cost, insurance & freight) NWE (northwest Europe) prices

Naphtha fundamentals have changed from last month, as gasoline blending demand has been described as relatively healthy this month.

Nevertheless, the market continues to be oversupplied, and the support extended by improved gasoline demand is waning.

This is currently exerting downward pressure on naphtha values, with prices this week falling from highs of $905-907/tonne CIF NWE seen last week.

Northwest European naphtha is used as a blendstock in gasoline stocks exported to the US, and as a petrochemical feedstock.

($1 = €0.76)

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By: Cuckoo James
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