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New Year, Same Flow

Naphtha cracks slid into 2026 as East and West spreads fell, with Venezuelan upside capped by ample stocks and crude glut fears.
Published: January 5, 2026
14 page report
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Naphtha cracks in the East and the West weakened at the end of 2025, extending the weakness into the new year. The M1 NWE naphtha crack dropped from a high of -$4.20/bbl on 22 Dec to -$5.65/bbl at the time of writing.

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