MARKET EYE: Europe Left Short of Naphtha Supplies

摘要

A complete absence of prompt offers has twisted Europe's naphtha market into a steep backwardation, with at least $10 per ton still seen between cargoes arriving at either end of the Platts 16-day delivery pricing window. Traders say refinery run cuts in the Mediterranean have hit local naphtha production in the wake of heavy export traffic to the US last month, pushing the front of the curve, valued in Rotterdam, above $1,050/ton on Tuesday.