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Naphtha Report: Naphtha Seesaw

The naphtha swaps markets saw a volatile week as cracks see-sawed.
Published: January 12, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
17 page report
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The naphtha swaps markets saw a volatile week as cracks see-sawed. The Feb'26 NWE naphtha crack fell to -$5.80 before rallying by over $1 up to -$4.40/bbl, and retreating lower into the end of the week. Highlighting the contrasting sentiments between regions, the Feb'26 naphtha East/West widened above $40/mt at one point, before reversing and giving up its gains later in the week.

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