Europe naphtha prices rebound on a hike in ICE Brent crude

21 January 2014 11:53 Source:ICIS News

LONDON (ICIS)--European naphtha prices rebounded on Tuesday morning on the back of a hike in ICE Brent crude oil futures, after dipping below $900/tonne last week, sources said.

By 11:25 GMT, March Brent crude had hit a high of $107.90/bbl, a gain of $1.55/bbl from the previous day’s close of $106.35/bbl.

The February naphtha crack spread strengthened to minus $4.55/bbl on Tuesday from minus $4.85/bbl on the evening of Monday 20 January.

The northwest European naphtha cargo prices rose as a result to $920-923/tonne CIF (cost, insurance & freight) NWE (northwest Europe) late on Tuesday morning, up $16-17/tonne from Monday evening.

Naphtha prices have been assessed on the basis of the shift in the February crack spread and the ICE Brent crude oil futures.

By Cuckoo James