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Brent Giveth, Brent Taketh Away

Naphtha swaps swung with Brent and geopolitics; crude selloff may reverse flows as risk premium fades, opening shorting opportunities
Published: February 2, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
17 page report
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The naphtha swaps complex has seen a volatile week with flows largely a function of Brent futures, with the shifting geopolitical risk premium playing a major role.

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