Global naphtha costs decline on weaker energy costs
Global naphtha costs posted significant decreases over the course of this week weighed down by weaker energy costs. Spot naphtha prices sank below the $300/ton threshold both in Europe and Asia following a short-lived crude rebound which had pushed prices up above $30/barrel by mid-January.
On a weekly comparison, spot naphtha prices lost around $25/ton on CFR Japan basis to be reported at $285/ton roughly. The drop since February started was larger at $60/ton. Naphtha costs in Europe were also down $30/ton to be quoted at $270/ton CIF NWE while they stood $45/ton below early month levels.