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