NYMEX crude breaks below the $80/barrel threshold
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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