p>The prompt open specification naphtha market in Europe exhibited double-digit premiums versus swaps on Thursday, surpassing six-month highs. The last time premiums were over $10.50/mt versus swaps was on June 14, according to Platts data. The naphtha market is very strong in the near end," said one trading source Friday. Platts assessed benchmark naphtha cargoes CIF NWE at $759.75/mt on the close Thursday. This equated to a $15.75/mt premium over November swaps and a $10.84/mt premium to the mean of October and November swaps, according to Platts data. The last time Platts assessed a physical premium that surpassed $10.50/mt over mean swaps was on June 14, when physical prices were 10.54/mt over paper. On the close Thursday, companies Vitol, Koch, Gunvor and BP were all bidding for 12,000 mt open specification naphtha for prompt October 17-21 dates. None of the four companies were hit while Vitol was the best bid at $760/mt, the equivalent of $16/mt over November swaps. "The fact that Vitol bid up to plus $10-11 over swaps yesterday and didn't get booked, tells a story," a trader said. During the morning Friday naphtha cracks, which measure the relative price performance against crude were heard positive in October at $0.25-0.45/mt. They closed the session flat on Thursday.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
