Vincent Wu
Research Associate, Flux
Naphtha Report: Naphtha Seesaw
The naphtha swaps markets saw a volatile week as cracks see-sawed.
The naphtha swaps markets saw a volatile week as cracks see-sawed. The Feb'26 NWE naphtha crack fell to -$5.80 before rallying by over $1 up to -$4.40/bbl, and retreating lower into the end of the week. Highlighting the contrasting sentiments between regions, the Feb'26 naphtha East/West widened above $40/mt at one point, before reversing and giving up its gains later in the week.
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