The global Naphtha market experienced a price decline recently. In the week ending May xx, xxxx, Naphtha prices in the US market fell by nearly xx, dropping from USD xxx/MT to USD xxx/MT. The oil price selloff had seemingly reached a bottom over the past week, leading to a decrease in Naphtha prices. Demand concerns, coupled with a reduction in the geopolitical risk premium, were blamed for the pullback. Meanwhile, the oil futures markets turned decidedly bearish, with ventures shifting significantly towards the short side in oil. Although demand concerns emerged as the main headwind for oil prices, the major energy agencies only made minor revisions to their demand and supply estimates in recent weeks.
The Energy Information Administration (EIA) reported lower growth in U.S. crude oil supply caused Naphtha price decline. In the US market, the price decline was linked to a decrease in demand and...
