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.
|WE 26 JUL||WE 02 AUG||WE 09 AUG||WE 16 AUG|
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)
Follow Cuckoo James on Twitter
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections