Naphtha prices reach $500/ton threshold in Europe and Asia
by ChemOrbis Editorial Team - content@chemorbis.com
According to market sources, spot naphtha prices posted consecutive increases to reach the $500/ton threshold in Europe and Asia recently.
Spot naphtha prices in Asia increased $10-15/ton week over week to be currently reported at around $510-515/ton CFR Japan. According to weekly average prices, current spot naphtha prices in Asia represent a monthly increase of $50/ton, a continuous increase since early November as well as the highest levels seen since early January 2016.
Spot naphtha prices in Europe, meanwhile, rose about $12/ton on the week to be currently reported at around $490/ton CIF NWE. Although they touched the $500/ton threshold late last week, it was not sustained early this week. Current levels at $490/ton still represent the highest levels seen since early January 2016, according to weekly average prices on ChemOrbis Price Wizard. The current price also indicates an upward movement of about $60/ton on the month and a steady increase since mid-November 2016.
The uptick of spot naphtha is directly in line with the movements of crude oil prices, which have recently moved above the $50/barrel threshold. On Tuesday’s daily trading, NYMEX February crude oil futures traded above $52/bbl while ICE March Brent crude traded above $55/bbl.
Players also commented that the improving naphtha demand in Asia, especially from South Korea, keeps on taking the prices up both in the European and Asian markets.
Spot naphtha prices in Asia increased $10-15/ton week over week to be currently reported at around $510-515/ton CFR Japan. According to weekly average prices, current spot naphtha prices in Asia represent a monthly increase of $50/ton, a continuous increase since early November as well as the highest levels seen since early January 2016.
Spot naphtha prices in Europe, meanwhile, rose about $12/ton on the week to be currently reported at around $490/ton CIF NWE. Although they touched the $500/ton threshold late last week, it was not sustained early this week. Current levels at $490/ton still represent the highest levels seen since early January 2016, according to weekly average prices on ChemOrbis Price Wizard. The current price also indicates an upward movement of about $60/ton on the month and a steady increase since mid-November 2016.
The uptick of spot naphtha is directly in line with the movements of crude oil prices, which have recently moved above the $50/barrel threshold. On Tuesday’s daily trading, NYMEX February crude oil futures traded above $52/bbl while ICE March Brent crude traded above $55/bbl.
Players also commented that the improving naphtha demand in Asia, especially from South Korea, keeps on taking the prices up both in the European and Asian markets.
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