Europe naphtha prices soar to nine-month high on ICE Brent crude

03 December 2013 17:29  [Source: ICIS news]

LONDON (ICIS)--European naphtha prices have hit a seven-month high on the back of a hike in upstream ICE Brent crude oil futures, industry sources said on Tuesday.

In the daily open market trading platform, naphtha traded at $983/tonne CIF (cost, insurance & freight) NWE (northwest Europe).

Trading firm Trafigura bought a naphtha cargo from oil major BP for loading on 13-17 December.

Front-month ICE Brent crude oil futures rose to $112.50/bbl at 16:30GMT, rising over a dollar from the previous day's settlement of $111.45/bbl, finding support from expectations Iran's crude oil exports will increase only marginally next year.

($1= €0.74)

By: Cuckoo James
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