The European light solvent naphtha market remains balanced in terms of supply and demand this week.
It is thought that domestic spot prices are at levels as high as €880/tonne FD NWE. Domestic values are therefore assessed up at €830-880/tonne FD NWE.
Export spot prices are also assessed higher at $1,170-1,190/tonne FOB Rotterdam.
The UK market also continues to experience balanced conditions.
European naphtha cargo prices were relatively stable for most of the week, before slipping to $982-990/tonne CIF NWE on Friday afternoon. Arbitrages remain closed to the US and Asia, although some material moved west regardless. There was less demand than expected from the gasoline industry, while opinions from the petrochemical sector regarding the level of interest in naphtha were mixed. This week's range of $982-1,006/tonne CIF NWE compares with a range of $974-1,010/tonne the previous week.
Gasoline values began the week at $1,072.00-1,082.00/tonne FOB AR but had slipped to levels of $1,045.50-1,055.00/tonne FOB AR by Friday.
($1=€0.70)
This week on ICIS news ( www.icis.com ):
29/07/11 Indian Oil may conduct turnaround at Panipat complex in October
29/07/11 S Korea's SK Innovation pre-tax profit falls 12%, sales up 20%
29/07/11 Japan's Sumitomo Chemical posts fiscal Q1 net loss of Y9.75bn
28/07/11 Asia naphtha prices to fall on Formosa cracker restart delay
28/07/11 S Korea’s Samsung, Honam buy spot naphtha at weaker discounts
