Naphtha prices ended last week slightly higher, gasoline remained lacklustre

31-Jan-11

Naphtha prices rose slightly in thin trade at the end of last week as traders prepared to ship cargoes to Asia, but benchmark gasoline remained lacklustre despite strong economic data from the United States, as per Reuters. As demand for naphtha from European petrochemical makers dwindled due to cheap, abundant supply of LPG, traders looked East as the arbitrage opened. Meanwhile gasoline barge prices in northwest Europe remained flat, despite a leap in US consumer spending and strong exports, suggesting a sustainable recovery was underway.