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Pendulum Swings

The closure of the Strait of Hormuz and disruption of feedstock flows have compounded supply tightness concerns in the Asian petrochemical..
Published: March 23, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
17 page report
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The naphtha swaps complex saw another strong week, with NWE cracks briefly flipping positive and eyeing all-time highs. The closure of the Strait of Hormuz and disruption of feedstock flows have compounded supply tightness concerns in the Asian petrochemical market. The Apr'26 NWE crack rallied up from -$5 to over $1/bbl, while spreads were bid up on higher crude....

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