16 September 2013 16:31 [Source: ICIS news]
LONDON (ICIS)--Northwest European naphtha prices fell by $30/tonne - or 3% - week on week, after rising sharply from late August to early September on the back of a fall in upstream ICE Brent crude oil futures, ICIS data shows.
However, prices are up 1% - or $12/tonne – relative to 16 August.
Naphtha prices were assessed at $931-933/tonne CIF (cost, insurance & freight) NWE (northwest Europe) on Monday.
November ICE Brent crude oil futures fell from $113.27/bbl (15:30 GMT) on 9 September to $109.98/bbl on 16 September (14:58 GMT).
The crack spread – the price difference between crude oil and naphtha – calculated in US dollars per barrel, strengthened to around minus $5.00/bbl on Monday, up from minus $5.85/bbl on Friday evening.
|DATE||16 AUG 2013||09 SEP 2013||16 SEPT 2013|
Naphtha market sentiment is still relatively strong on the back of heavy refinery maintenance and additional run cuts due to poor margins.
Nevertheless, the market continues to be oversupplied, with exports to Asia and US limited to regular volumes.
Northwest European naphtha is used as a blendstock in gasoline stocks exported to the US, and as a petrochemical feedstock in both domestic and Asian markets.
($1 = €0.75)
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