Naphtha Two-Year High Triples Europe’s Exports: Energy Markets
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The highest Asian naphtha prices in two years are poised to spur an almost threefold increase in shipments from Europe as demand for petrochemicals in China soars and the country suffers fuel shortages.
Asia-bound cargoes of the product used to make motor fuel and plastics may climb to 290,000 metric tons this month from 110,000 tons in October, according to the median estimate of four European traders surveyed by Bloomberg. Naphtha delivered to Japan, a benchmark for prices in the region, rose to $817.25 a ton Nov. 11, the highest since September 2008, data compiled by Bloomberg show.