Overview
Naphtha Summary
The naphtha swaps market was relatively flat last week. Despite a general lack of direction, US sanctions on Russia have continued to support the swaps market as it searches for greater conviction. Nigeria’s Dangote refinery continues its maintenance, this time the CDU, perhaps contributing to the stronger European naphtha market we saw late last week. Players in the NWE naphtha market added to length, led by good buying from trade houses. These same players in Eastern naphtha (MOPJ) appeared risk-averse, gradually trimming their shorts throughout the week. A two-tiered market between sanctioned and non-sanctioned products remains relevant this week.
