Naphtha falls by over thirty dollars in Europe

The European naphtha cargo range fell by US$31/ton in line with lower crude oil prices and a weaker crack spread caused by fears of the impact of the massive earthquake that hit Japan on 11 March, as per ICIS. On Monday the Europe naphtha cargo range was assessed at US$934-942/ton CIF NWE. May Brent crude oil was at US$111.70/bbl, while the crack spread was at minus US$6.60/bbl. On the afternoon of 11 March, naphtha was at US$965-973/ton CIF NWE, while May Brent was at US$114.06/bbl. Crack spread is at minus US$5.50/bbl, falling because of Japan. The longer-term effect on Japanese demand for naphtha would depend on the ratio of refineries going out of action compared with petrochemical plants. If more of the former went down, demand could increase and European material might be required.
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