Naphtha Benchmark Prices Edge Higher on Marginal Supply Tightening

Refinery Maintenance and Yields

Several planned turnarounds at refineries in Northwest Europe have reduced the spot availability of light-end products. This marginal tightening is allowing naphtha to decouple slightly from the bearish crude oil complex in the immediate term.

Feedstock Competition

Naphtha continues to face stiff competition from cheaper LPG (propane/butane) in the petrochemical market. Most flexible crackers are currently maximizing gaseous intake, which is likely to cap naphtha's upside potential in the coming months.