NWE naphtha crack swaps plunge to lowest level in nine months

Northwest European naphtha crack swaps have plunged to their lowest level in nine months, according to Platts. Naphtha crack swaps represent the relative value of the product to crude. CIF NWE naphtha crack swap for August was assessed on the over-the-counter market on Monday at minus US$5.70/barrel, a fourth consecutive fall and the lowest since an assessment of minus US$5.95/b on October 12. A weak spell for naphtha demand witnessed globally, has been followed by a buildup in product supplies in the European market, dampening sentiment and sparking a dramatic sell-off in forward cracks.
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