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NYMEX crude breaks below the $80/barrel threshold

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/11/2014 (14:07)
Crude oil prices on the NYMEX settled below the $80/barrel threshold on November 3 while Brent oil closed the day below $85/barrel. Price decreases came after Saudi Arabia reduced the cost of oil to its US-based customers owing to higher production in North America.

NYMEX December crude futures declined $1.76 to settle at $78.78/barrel on Monday, the lowest settlement since June 28, 2012. Prices retreated 12% in October while they are down 20% this year. Brent crude on the ICE Futures Europe exchange for December also dropped $1.08/barrel to settle at $84.78/barrel on November 3. Brent’s premium to WTI stood at $6.

Meanwhile, spot naphtha prices in Europe have gained around $5/ton week over week to be currently quoted at $680/ton CIF ARA while prices are still down $125/ton when compared to initial October levels. In Asia, spot naphtha prices also climbed $5-10/ton on the week to reach $715-720/ton CFR Japan.
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