Naphtha prices switched before reduction
The main reasons are the drop in drinking in China due to COVID and the increase in interest rates in the US and Europe.
The price of Brent naphtha fell by 0.4%, to 93.66 USD, while WTI naphtha fell by 0.2% to USD 87.58 per barrel. Having offended contracts, they fell more low by 1 dollar per ear of the session, interrupting the three-day growth. On Tuesday, September 13, remind Reuters.
The reason for the fall is the fear of investors about a decrease in drinking in China, the largest oil importer in the world, that distant increase in hundred-dollar rates in the United States and Europe. These factors compensated for the fight against the shortage of fire in the winter ahead.
So, COVID-19 is streaming China, another slower oil in the world in terms of the amount of oil in the world, which again calls out the restlessness of the decrease in light drink for fire. Due to the information of the sovereign ZMI, the number of trips, which took place on the third hour of the mid-autumn festival in the country, shrunk more and more on a third equal to the past fate, the country's policy of anticipation of zero COVID does not want to raise the price of people.
“Great COVID lockdown and mass testing in China are showing up in the oil markets through drinking problems, & #8211; said Tina Teng, an analyst at CMC Markets. – In addition, the chances for those that the Fed will continue to aggressively raise rates increase, as the U.S. moving price index has become hot, lowered”.
Data on the US inflationary price index will be published in the next two weeks, and wanting to know if core inflation could show a peak, the European Central Bank and the Federal Reserve are ready for a large increase in interest rates to fight against inflation You can also raise the dollar exchange rate to other world currencies and raise dollar-denominated naphtha at a higher price for investors.
Worry about short-term stocks has also reduced the increase in prices.
In the United States, the strategic oil reserve (SPR) shrank by 8.4 million barrels to 434.1 million barrels for the year ending on September 9, which was the lowest indicator of the year 1984.
U.S. President Joe Biden laying out a plan to release 1 million barrels a day over six months from the SPR to counter the high prices of fuel in the U.S. as a result of inflation.
Who has the prospect of reviving nuclear power? Sunset with Iran was covered with fog. At Mondays, Nimechchina hung out a pity that Tehran is not positively on the proposition of Europe to please the fate of 2015.