29 July 2013 15:08 [Source: ICIS news]
LONDON (ICIS)--European contract cracker margins based on naphtha have risen by 14% on the back of a 3% fall in euro-based feedstock prices, according to ICIS analysis on Monday.
In the week ending 26 July, the benefit of a $19/tonne (€14/tonne) drop in naphtha prices was supported by a 0.9% weaker dollar. However, the margin increase was held back by a 1.4% fall in co-products credits because of lower raffinate and pyrolysis gasoline (pygas) values.
Spot margins have also improved because of the drop in euro-based naphtha costs but the margin average for July is the lowest so far this year. Spot co-product credits fell by 1.6%.
Conversely, contract margins based on liquefied petroleum gas (LPG) fell on a combination of higher LPG prices and a fall in co-product credits and no longer carry a premium over naphtha.
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