- Subdued- Weak gasoline blending demand



Sources said that the European naphtha
market was still weak with little demand from the Petrochemical sector or for gasoline blending. The September crack was
down $3.07-4.50/mt, or minus $22.5-27.50/mt. The source said that the overall picture for naphtha demand
remains poor. "But, surely that Rhine
water level rising is good news logistic-wise and I believe barge rates have
peaked." The Rhine measured at 124cm
at the crucial choke-point at Kaub. This was 7 cm more than the previous day.
It means that barges can now load shorter distances, which will allow for
larger product transports inland. Nevertheless,
barges freight costs remained significantly above normal levels, with prices at
$100/mt from the Amsterdam-Rotterdam-Antwerp hub to Karlsruhe. According to sources, steam crackers still faced a difficult
situation due to falling margins and...