January naphtha cracks in Europe turn buoyant

17-Dec-09
Driven by increased exports to Asia and cuts in refinery run rates, January naphtha cracks in Europe turned positive trading at US$1.50 a barrel. The robust surge in exports to Asia is propelling naphtha prices. Volumes are so strong that December export bookings will still support prices early next year even if the arbitrage closes again due to higher freight.
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