Average weekly naphtha prices hit lowest levels since 2009
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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