The Naphtha market has shown mixed trends globally in the week ending May xx, xxxx. Despite a general decline in oil prices, Naphtha prices have varied across different regions. Demand patterns have also differed, with only slight adjustments in supply projections by major energy agencies.
In China, Naphtha prices rose by xx, from USD xxx/MT to USD xxx/MT, signalling a recovery after a period of decline. This change coincided with an oil spill caused by a tanker accident involving the Suezmax, a Symphony near Qingdao port, a major oil hub in Shandong province. The accident has led to restrictions on vessel movement around the affected area. The volatility in the international crude oil market has led to cautious trading behaviour among domestic Naphtha traders in China. Factors such as bearish US inventory data and reduced geopolitical risks have also played a role in shaping market...
