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Europe naphtha prices soften on lower crude values

May 05/2011

(ICIS) -- Lower Brent crude oil prices resulted in the European naphtha cargo range softening further on Wednesday morning. However, views were mixed on the effect this would have on naphtha demand.

At 10.15 GMT, the range was assessed at USD 1.0621.070/tonne CIF (cost, insurance & freight) NWE (northwest Europe), with June Brent crude oil at USD 122.76/bbl.

This was a fall of USD 9/tonne from the previous afternoons range of USD 1.0711.079/tonne, when June Brent was at USD 123.64/bbl.

It also marked a USD 34/tonne drop from the exceptionally high range of USD 1.0961.104/tonne seen on the afternoon of 28 April, when June Brent was at USD 126.18/bbl.

Prices have risen further since then, albeit remaining at levels last seen in July 2008. This has led to concerns about the negative effect on European naphtha demand.

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