Europe naphtha prices drop to a seven-week low on crude

30 September 2013 14:08  [Source: ICIS news]

LONDON (ICIS)--Northwest European naphtha prices have fallen to a seven-week low, down 1% week on week on the back of a fall in upstream crude oil futures, industry sources said on Monday.

Naphtha prices were assessed at $890-892/tonne CIF (cost, insurance & freight) NWE (northwest Europe) on Monday morning, the lowest it has been in close to two months.

The price fall is driven by a slump in ICE Brent crude oil futures. November ICE Brent crude oil futures stood at $107.90/bbl at 10.30 GMT on Monday, down more than $1.00/bbl from $109.34/bbl at 15.30 GMT on Friday 27 September.

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 = €0.74)

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By: Cuckoo James
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