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Bears Back to Work

NWE naphtha crack weakens in downtrend; funds and refiners add longs, but curve spreads still pressured.
Published: February 16, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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 market struggled with thin liquidity over the International Energy Week in London.

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