European light ends outright values reached six-month highs, tracking rising crude values, as prices soared amidst growing tensions in Syria. "It's rallying with the crude," said one source, referring to the strengthening of the Northwest European gasoline market.
The Eurobob FOB barge market in the Amsterdam-Rotterdam-Antwerp region was assessed at $1,049.75/mt, its highest level since 27 March when it was $1,050.50/mt, Platts data show.
The 10ppm FOB Mediterranean Cargo was assessed at $1,072.50/mt, the highest value since 25 February, when it was assessed at $1,096.25/mt. The CIF Northwest Europe naphtha cargo value was assessed at $958.50/mt, the highest value since February 27 when it was $977/mt.
Price volatility in light ends was dictated by high crude values, reflecting the oil markets' growing concern over the escalation of the Syrian crisis into a regionally destabilising conflict.
The October ICE Brent crude future traded at $114/barrel at the close Tuesday, up from $110.78/b recorded at the close Friday. At 1000 GMT Wednesday October ICE Brent was at $115.46/b.
The front month naphtha crack has softened lagging the rising Brent crude values, assessed Tuesday at minus $6.40/b, down from minus $5.70/b Friday, and heard trading lower Wednesday at minus $6.90/b.
The Eurobob cracks also weakened, falling to $11.24/b Wednesday morning from $12.35/b Friday.
