The CIF Northwest Europe August naphtha crack swap slipped Friday to around minus $8/barrel, sources said, after posting a three-month high on Thursday's close, according to Platts data.
At Thursday's European close, the CIF NWE August naphtha crack swap was up by $1.45 from Wednesday at minus $7.15/b, the highest in three months since April 25 when it was assessed at minus $6.50/mt Platts data show.
A crack measures the difference between the price of oil and the concurrent price of products made from crude.
"Things went really fast. Now the whole curve is going down in line," a trader said.
The front month crack has recovered significantly this week primarily due to a stronger Asian market which could attract as much as 600,000 mt naphtha from the Mediterranean this month.
Week on week, it had gained $4.75/mt by Thursday's close before correcting Friday morning.
