Naphtha prices increased on January 27 through a turbulent market due to short global forecasts after US threats of tariffs on oil buyers from Venezuela and further sanctions on oil buyers from Iran.
As Ukrinform reports, Reuters reports.
Futures for Brent naphtha rose in price by 7 cents, or 0.1%, to $73.86 per barrel. US West Texas Intermediate naphtha futures rose 10 cents, or 0.1%, to $69.75 a barrel.
On Wednesday, naphtha prices increased by about 1% due to regular data, which indicates a decrease in crude oil reserves and the burning in the United States last year, as well as due to the US threat to impose a price on countries that buy Venezuelan oil. naphtha.
“It seems that the recent trend towards an increase in (price) seems to be affecting the tariffs for buyers of Venezuelan oil. We confirmed that Trump’s policy would create the biggest risk for Iran and Venezuela in increasing naphtha prices, so this is often the case,” said Suvro Sarkar, a senior member of the energy sector team at DBS Bank.
India's Reliance Industries (RELI.NS), operator of the world's largest oil refinery complex, will force imports of Venezuelan oil after the strike, Gerel said on Wednesday.
Traders and investors also assessed the influx into nafta of US President Trump's remaining announcement about a 25% tariff on the import of cars and light goods from the coming years. It was important that we could push up car prices, potentially increasing the consumption of naphtha, and also increase the transition to environmentally friendly cars.
“News about Trump's tariffs on cars may actually turn out to be positive for crude oil, so the increase in prices for new cars through tariffs is significant, which will facilitate the transition to new, more economical models,” said Tony Sycamore, market analyst at IG.
U.S. oil and gas activity rose significantly in the first quarter, but the ceramics and energy sector was pessimistic about the sector's prospects, as the Dallas Fed survey showed, as Trump's steel and aluminum cuts could increase spending. for drilling and maintenance of pipelines.
Photo: Bloomberg