European hydrosolvent prices are sliding on relentless pressure from upstream, market sources told Platts.
Prices were down across the board, with low buying interest exacerbating the effects of tumbling crude oil prices.
“Prices are going further and further down,” a source said.
Solvent naphtha, solvent toluene and solvent xylenes were all assessed at Eur590/mt FD NWE Tuesday, with white spirit and hexane assessed at Eur655/mt FD NWE and Eur645/mt FD NWE, respectively.
These prices represent the lowest since 2009 for all the hydrosolvents except hexane which is the lowest since 2004, as weakness throughout the energy complex is felt across the industry.
Naphtha and jet kerosene were assessed by Platts at $372/mt CIF NWE and $507/mt CIF NWE Tuesday, the lowest since March 2009 and May 2009, respectively, following the 2008 financial crisis.
Dated Brent was assessed at $45.22/b Tuesday, down from $54.98/bbl at the New Year and from a 2014-high of $115/b in June as the steep downtrend was fueled further as Goldmans Sachs on Monday slashed oil price forecasts.
The bank said 2015 Brent would average $50.40/b in 2015 and $70/b in 2016, down from $83.75/b and $90/b respectively.
– Platts.com
