Crude softens amid a firmer US dollar and concerns over EU’s support for Greece

15-Feb-10

Crude futures softened to US$75/barrel on Friday as the US dollar strengthened and concerns rose over vague statements made by the European Union regarding its support for Greece. Crude prices had risen on the previous day by expectations of increased heating oil demand amid snow storms in USA. H2-March open-spec naphtha eased to US$675/ton CFR Japan. Prices were at US$680.00-683.00/ton CFR Japan earlier in the session, undermined by a weaker downstream petrochemical market, as per ICIS. The naphtha crack spread tumbled to almost a 3 month low of US$122.73/ton vs Brent crude futures. The H1-April naphtha contract was assessed at US$670/ton CFR Japan, while H2-April contract was assessed at US$660/ton CFR Japan.