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NAPHTHA REPORT

Get a mix of market commentary, flow-based analysis, and prompt insights in this premium weekly report about naphtha markets.

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Due to UK Bank Holidays, we will not be publishing our Alpha, Naphtha or Gasoline Reports this week. They will be published as usual from the week beginning 13th April.

Latest

Hungry for Naphtha

Naphtha tight on Hormuz closure; cracks firm, E/W volatile, gasnaph down, pronap weaker, OI up, momentum mixed across spreads
17 page report
30 March 2026

Pendulum Swings

The closure of the Strait of Hormuz and disruption of feedstock flows have compounded supply tightness concerns in the Asian petrochemical..
17 page report
23 March 2026

Petchem Paralysis

The Apr’26 NWE naphtha crack dropped to a low of -$5.00/bbl on 10 Mar, likely driven by profit taking on news of force majeures declared....
17 page report
16 March 2026

Use the Force Majeure

Hormuz closure spikes naphtha cracks, but Asian petrochemical shutdowns curb demand. Expect volatile NWE strength, softer Asia prices
17 page report
9 March 2026

The Best of the East/West…?

E/W strength on freight, propane strength and geopolitical worries in the Middle East
17 page report
2 March 2026

Public Holiday Bears

Naphtha cracks weaken, while E/W and gasnaph find support; profit-taking and freight remain key.
17 page report
23 February 2026

Bears Back to Work

NWE naphtha crack weakens in downtrend; funds and refiners add longs, but curve spreads still pressured.
17 page report
16 February 2026

Simply Stable

Naphtha cracks find stability; East/West narrows; growing risk appetite in Mar'26 contracts
17 page report
9 February 2026

Brent Giveth, Brent Taketh Away

Naphtha swaps swung with Brent and geopolitics; crude selloff may reverse flows as risk premium fades, opening shorting opportunities
17 page report
2 February 2026

The East Leads the Naphtha Complex

Naphtha traded sideways amid mixed flows and geopolitics. East outperformed West, OI remains crowded, momentum fading with weak trends
17 page report
26 January 2026

Naphtha Plays Within Bounds

Naphtha cracks weakened but found support; E/W stabilised, gasnaph rangebound. OI rose in NWE, fell in MOPJ, pointing to consolidation
17 page report
19 January 2026

Naphtha Report: Naphtha Seesaw

The naphtha swaps markets saw a volatile week as cracks see-sawed.
17 page report
12 January 2026

New Year, Same Flow

Naphtha cracks slid into 2026 as East and West spreads fell, with Venezuelan upside capped by ample stocks and crude glut fears.
14 page report
5 January 2026