Asian spot naphtha prices pull back from multi-month highs
Prices slide more than 15% from six-month peak in April
Asian naphtha prices have been retreating from the multi-month highs in the past six weeks in line with the downward trend that has existed in oil prices since April.
As data from the ChemOrbis Price Wizard shows, the weekly average of Asian spot naphtha prices has lost more than 15% since nearing the $600/ton threshold to mark the highest level in nearly six months in April.
Crude fails to preserve upward trend from earlier this year
Energy prices made a strong start to 2019 as OPEC vowed to reduce output and gained more than 45% through late April this year since plunging to an 18-month low in December 2018.
Prices limp to worst monthly drop since Nov 2018
However, global oil prices posted the sharpest nosedive of this year as the escalating US-China trade war fueled fears of a global economic slowdown.
Further exacerbating the bearish sentiment was the reports of a smaller-than-expected withdrawal from US inventories, which has triggered concerns over a potential glut.
ChemOrbis Price Wizard shows that both West Texas Intermediate (WTI) and Brent crude futures fell around about 10% in May, their worst monthly decline since November 2018, when they dropped more than 25%.
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