LONDON (ICIS)--European contract cracker margins based on naphtha feedstock have slumped to their lowest level since July 2012 because of a 4.3% rise in euro-based naphtha prices, ICIS margin analysis showed on Monday.
In the week ending 22 November, a 0.4% weaker dollar offset the impact of a $44/tonne (€33/tonne) rise in naphtha prices.
Co-products credits climbed by 0.6% on the back of higher raffinate 1 and pyrolysis gasoline (pygas) values.
Spot margins have fallen into negative territory for the first time since mid December 2012 for the same reasons. Co-product credits were 1.1% higher because of firmer raffinate 1 and aromatics values.
Contract cracker margins based on liquefied petroleum gas (LPG) sank by 50% as feedstock costs jumped by 6.2%. LPG prices rose by more than $62/tonne – the highest cost since early December 2012. LPG margins are the lowest since mid-November last year.
($1 = €0.74)
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