The naphtha complex has experienced an extremely mixed past fortnight, showing major signs of weakness in the first week before seeing a major influx of strength in the second week, with the prompt MOPJ spread rising from lows of $5.70/mt on May 15 to break $10/mt by May 17.
The Jun NWE naphtha crack fell from -$10.20/bbl to mid-$11/bbl handles on May 13 before rocketing up to -$9.35/bbl by May 17.
Strength in the complex over the past week has been reflective of stronger crude in the same period, with Jul Brent futures beginning May 13 in low $82/bbl handles and rising above $84/bbl by May 20.
Unlike in previous weeks, naphtha strength was more equally distributed between Europe and Asia, with the Jun naphtha E/W contract rising only marginally in the fortnight, opening on May 07 at $15.50/mt and closing on May 20 around $17.20/bbl.
