Naphtha prices continue to decline, sink below $400 in Asia
On Monday, NYMEX October oil futures had settled down $2.21/barrel at $38.24/barrel, hitting the lowest level seen since February 2009 while Brent oil futures also declined by $2.70/barrel, or 6.1%, to settle at $42.69/barrel, breaking below $43/barrel for the first time since March 2009.
Spot naphtha prices in Asia declined around $55/ton week over week to be currently reported at around $390/ton CFR Japan. Weekly average prices on ChemOrbis Price Wizard showed that Asian spot naphtha prices posted the lowest levels seen since mid- February 2009.
In Europe, meanwhile, naphtha prices are currently reported at around $350/ton CIF ARA, down about $60/ton from a week earlier.
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