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Average weekly naphtha prices hit lowest levels since 2009

by ChemOrbis Editorial Team -
  • 05/12/2014 (15:52)
According to ChemOrbis Price Wizard, global naphtha prices based on a weekly average have hit their lowest levels since the third quarter of 2009 mostly due to plunging crude oil prices as well as ample supply.

Upon news that OPEC decided to maintain its oil production target at 30 million barrels/day on November 27, crude oil prices posted significant decreases. Brent crude on the ICE Futures Europe exchange for January decreased 28 cents to $69.64/barrel on December 4, the lowest level since October, 2009. NYMEX November crude futures were also was down 57 cents on Wednesday to settle at $66.81/barrel, the lowest close since August, 2009.

Spot naphtha prices in Asia slumped $50-55/ton week over week to be currently quoted at around $595/ton CFR Japan. When compared to initial November levels, spot naphtha prices declined around $120/ton in the region.

In Europe, meanwhile, spot naphtha prices dipped $30-35/ton week over week to reach approximately $550/ton CIF NWE. Lower crude oil prices as well as ample supply are blamed for the weakening European market.

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