Spot naphtha at more-than-a-year-high in Asia, Europe
In Asia, spot naphtha prices have posted a cumulative increase of $60/ton on average since mid November. The gains of Europe have also caught the size of the increase in Asia in the same timeframe.
It is no surprise that these steady increases have coincided with the firming of the energy complex. The decision of OPEC to cut output for the first time since 2008 dragged crude oil prices higher in late November and early December, which was later followed by non-OPEC countries around December 10. This was the first time both parties agreed on curbing output since 2001.
Crude oil futures on NYMEX are recently reported above $52/bbl while Brent crude is being traded above $55/bbl.
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