Friday, July 08, 2011

NWE naphtha back into backwardation despite steam cracker shutdowns in Asia

The prompt European naphtha market nudged back into backwardation on Tuesday despite reports of steam cracker shutdowns in Asia and a finely balanced European market, as per Platts. The European naphttha market is currently hanging in the balance with open spec cargoes fetching small premiums to swaps despite crack spreads languishing at around minus US$7/barrel, in a structurally long market.

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