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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
Published: January 19, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
17 page report
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The naphtha swaps market saw weakness over this past week, as cracks declined partly due to surging Brent prices.

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