Polymeric foam and polymeric foam products that contain a foamable polymer material, nanographite, and 1,1,2,2-tetrafluoroethane (HFC-134) are provided. Preferably, the foamable polymer material is an alkenyl aromatic polymer material. The foam is free of other conventional blowing agents typically utilized in preparing a foamed product. The nanographite is not chemically or surface modified and is preferably compounded in a polyethylene methyl acrylate copolymer (EMA), which is used both as a medium and a carrier for the nanographite. The nanographite may be compounded in the polymer in an amount up to 60% loading. In addition, the nanographite acts as a nucleating agent, R-value enhancer, infrared attenuating agent, lubricant, UV absorber, and process aid. The inventive foam composition produces extruded foams that have R-values that are equal to or better than conventional extruded foams produced with 1-chloro-1,1-difluoroethane (HCFC-142b). The foamed products are desirably made by a conventional extrusion process.