Naphtha Benchmark Prices Firm on Strong Asian Cracker Demand

Feedstock Switching and LPG

As propane prices spike due to winter heating demand, naphtha has regained its edge for flexible crackers in Asia. This has slowed the previous substitution trend, providing a temporary boost to naphtha demand.

Refining Surplus Dynamics

As global gasoline demand slows, the byproduct supply of naphtha from refineries remains an inventory burden. This structural surplus is expected to keep benchmark prices near the bottom of their 2026 range.