Naphtha prices fell on Friday, April 4, due to US President Donald Trump's new tariffs, raising concerns that a global trade war could impact naphtha prices.
As Ukrinform reports, Reuters reports.
Brent naphtha futures fell by 31 cents, or 0.4%, to $69.83 per barrel. US futures for West Texas Intermediate naphtha fell by 32 cents, or 0.5%, to $66.63. Brent is on course for the biggest loss in 2010 from 14 June, and WTI – from 21 September.
Before the current mood, the Organization of Ukrainian Petroleum Exporters and its allies (OPEC+) decided to push through its plan to increase the production of oil, and the organization would not immediately return to the market 411 thousand Barels for additional supply from the herb against 135 thousand. b/d, as previously planned.
“It’s important to note the current surplus that we see in the oil market. “The increased OPEC+ proposal could lead to more crude oil from mid-sour crude and a wider Brent-Dubai spread,” ING analysts said on Friday. “We will stretch out most of the spread for an unforeseen decrease.”
Reports began to fall lower following Trump's press conference on Wednesday, which he called “Escape Day” and voted for a 10% base tariff on all imports until the United States and beyond for dozens of major merchants. partners of the region.
Imports of oil, gas and petroleum refining products will be affected by Trump's new sharp tariffs, and such policies could ignite inflation, increase economic growth and strengthen trade superstructures, which may naphtha prices.
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