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Naphtha Cracks Under Pressure

Naphtha weak: cracks lower, bearish positioning, spreads/flows pressured; oversold hints short-term bounce risk
Published: June 1, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
17 page report
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Naphtha has been under pressure, with the rolling M1 NWE crack dropping from seasonal highs on 11 May to a seasonal low of -$9.25/bbl (excluding 2022). In the Jul'26 NWE crack, positioning flipped sharply from -134kb to +145kb as trade houses unwound shorts and refiners turned net buyers...

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Written by

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi

Martha Dowding

Research Associate, Flux
Martha Dowding

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