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Naphtha prices to fall by USD 43/tonne on Friday morning

May 06/2011

(ICIS)--The outlook for European naphtha demand is optimistic after lower crude oil values caused naphtha prices to fall by USD 43/tonne (EUR 30/tonne) on Friday morning, sources said. At 10:00 GMT, the naphtha range was assessed at USD 951Ц959/tonne CIF (cost, insurance & freight) NWE (northwest Europe). June Brent crude oil was at USD 108.51/bbl.

This compared with a range of USD 994Ц1,002/tonne CIF NWE the previous afternoon, when June Brent was at USD 114.31/bbl.

The latest range is the lowest seen for European naphtha since 17 March, when prices were assessed at USD 946Ц954/tonne CIF NWE.

Crude oil price hikes caused by concerns about the ongoing political turmoil in North Africa and the Middle East disrupting supplies drove naphtha prices up and supported them for several weeks.

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