Europe naphtha trading slows as prices stay above $900/tonne

20 August 2013 16:26  [Source: ICIS news]

LONDON (ICIS)--Northwest European naphtha trading has slowed down on the back of a price hike driven mainly by higher upstream crude oil values, sources said on Tuesday.

Traders have not been eager to pick up naphtha cargoes priced high relative to early August when cargoes were trading below the $900/tonne (€675/tonne) CIF (cost, insurance & freight) NWE (northwest Europe) mark.

Europe naphtha cargoes traded only once in the open market platform last week, when Glencore sold a naphtha cargo to oil major Shell at $920/tonne CIF NWE on Friday.

 WE 26 JUL  WE 02 AUG  WE 09 AUG  WE 16 AUG
$873-887/tonne $869-889/tonne $879-891/tonne $894-925/tonne

Weekly naphtha CIF NWE price range

Naphtha was assessed at $910-913/tonne CIF NWE late on Tuesday morning. There were no trades on Monday evening in the open market platform.

Naphtha prices first rose above the $900/tonne mark on Tuesday 13 August.

Upstream, October ICE Brent crude oil futures rose from $106.81/bbl (15:30 GMT) last Monday to $109.23/bbl (14:23 GMT) on Tuesday.

The main application of naphtha is in the petrochemical production of olefins. Naphtha is also used for gasoline blending.

($1 = €0.75)

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By: Cuckoo James
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