Naphtha Benchmark Prices Soften on Feedstock Competition and Asian Lull

Feedstock Switching and LPG competition

As propane prices moderate, naphtha is losing its competitive edge for flexible crackers. Producers in the region are maximizing LPG intake to protect thinning margins in the downstream plastics sector.

Refinery Surplus and Inventories

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