On Thursday, the 3rd quarter, there was a sharp drop in naphtha prices. On what day was the highest vertical fall since 2022 recorded.
This is reported by RBC-Ukraine via Reuters.
As the agency writes, the decline arose after OPEC+ suffered from an unsatisfactory increase in oil production. The day came after US President Donald Trump announced the introduction of new large-scale import measures.
Thus, futures for Brent naphtha closed at 70.14 dollars per barrel, having decreased by 4.81 dollars or 6.42% (the price at the time of publication was exactly 70 dollars per barrel).
In addition, futures for American West Texas Intermediate naphtha closed at $66.95 per barrel, down $4.76 or 6.64% (the price at the time of publication was $66.80 per barrel).
Reuters writes that the price of Brent naphtha is up to its biggest percentage drop since September 1, 2022, and the price for WTI naphtha is up to its biggest percentage decline since September 11, 2022.
Previously, four ministers from the OPEC+ region discussed further development of the plan for an increased production of naphtha, potentially planning to return 411 thousand barrels per day to the market, replacing the initial plans 135 thousand barrels per day.
“The economy and the rise in naphtha prices are inextricably linked. Markets are still weighing the proposed tariffs, and if increased naphtha production and a decline in the global economic forecast will put a downward pressure on naphtha prices, “This could potentially mark a new chapter in a volatile market,” said Enji Gildea, KPMG US Energy Sector Leader.
The data also showed that naphtha prices had moved about 4% even before the strike, with some investors fearing that Trump's tariffs would lead to an escalation of the world trade war, streaming For economical growth and reduction, I will drink on palevo.
Trump's Mita
Let’s remember that on Wednesday, the 2nd quarter, the President of the United States voted for a military campaign against all corners of the world. China stumbled under the greatest blow.
For more details about how they operate, what tariffs have been introduced and how prices are reflected in Ukraine, read the materials from RBC-Ukraine.
Read terminology and important information about the war between Russia and Ukraine on the RBC-Ukraine channel on Telegram.