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Due to UK Bank Holidays, we will not be publishing our Alpha, Naphtha or Gasoline Reports this week. They will be published as usual from the week beginning 13th April.

Simply Stable

Naphtha cracks find stability; East/West narrows; growing risk appetite in Mar'26 contracts
Published: February 9, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
17 page report
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The naphtha swaps complex has found stability in the first week of February after a tumultuous end to January, given volatile Brent prices. The Mar'26 NWE crack has been rangebound around the -$5.40/bbl level over the past week. Meanwhile, NWE naphtha spreads generally saw sell-side interest over the past week, in particular the Mar'26 region.

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