Asian naphtha prices break above $400/ton on crude hitting $50/bbl
Asian naphtha prices have risen around $40-45/ton since the beginning of the month, hitting around $405-410/ton CFR Japan while the European naphtha prices have also been captivated by stronger crude markets, rising by around $65/ton from initial August levels to be currently reported at around $395-400/ton CIF NWE.
On Thursday, ICE October Brent crude was up $1.04 to settle at $50.89/barrel while NYMEX September crude rose $1.43 to close at $48.22/barrel.
Global oil markets are following a bullish trend due to the recent talks regarding major oil producers’ willingness to rebalance oil markets after several OPEC members requested to renegotiate an output freeze.
The producers, including Saudi Arabia and Russia stated that they are ready to negotiate on an output freeze, which boosted an optimistic sentiment in oil markets. However, it is now questioned whether oil majors will be able take real action to stabilize oil markets or not.
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