Naphtha prices reach $500/ton threshold in Europe and Asia
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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