Spot naphtha hits 11-month high in Europe, Asia on firm crude
ChemOrbis Price Wizard reveals that global oil benchmarks have surged by $2/bbl on a weekly average, reaching their highest levels since February 2020 this week. The successive gains in oil prices were mainly boosted by Saudi Arabia’s voluntary production cut decision.
Mirroring firm crude oil values, spot naphtha prices on CIF NWE and CFR Japan basis have respectively increased by around $25/ton and $15/ton so far this week. They have reached their highest levels since mid-February, as can be seen from the graph created by ChemOrbis Price Wizard.
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