Naphtha Benchmark Prices Rebound Slightly on Strong Asian Buying Interest

Feedstock Competition and Substitution

Despite the slight rebound, naphtha faces stiff competition from cheaper LPG. Flexible crackers are maximizing propane and butane intake where possible, limiting the long-term upside for naphtha as NGL production hits records.

Refining Surplus and Blending Value

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