NAPHTHA REPORT
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In the E/W, momentum is positive. The 14,3,3 stochastic oscillator is well in overbought territory, but is not showing signs of reversal...
17 page report
Leading from the East
MOPJ spreads flip to the buy-side; M1 East/West reached $70/mt; scaleback selling in gasnap and FEI/MOPJ
17 page report
Selling in MOPJ Spreads
Naphtha weakens: NWE crack falls to -$5.66; MOPJ crack drops to $0.33; E/W plunges on Japan weakness; FEI/MOPJ and gasnap diffs hold firmer.
17 page report
Weakness in the West
Open interest remains in line with the 5-year average, as trade houses trimmed their longs against Onyx in the prompt NWE crack.
17 page report
No Ending the Blending
Naphtha sideways as cracks weaken; petchem buying and blending demand support, while E/W strength may be amplified by short covering.
17 page report
NWE Crack Buying, Spread Selling
The naphtha complex has seen a sideways week,
17 page report
Cracks Flat
Cracks in both regions consolidate, with the MOPJ curve outpaces Europe
17 page report
Power Nap
Naphtha cracks consolidate as East leads; E/W rebounds, while pronap buying strengthens with high-conviction hedger length.
17 page report
Revival
Naphtha rebounds after early weakness, but East remains bearish; rising E/W selling and FEI/MOPJ pressure shape the trade.
17 page report
Testing Support?
The naphtha complex continued to weaken into this week....
17 page report
Peak and Fade
Hormuz spike fades as positioning turns bearish
17 page report
Propane vs Naphtha
Naphtha supported by Middle East tensions and East/West strength, with open interest concentrated in Aug'26 MOPJ crack.
17 page report
Bullish Blender
Naphtha rally continues on blending demand and geopolitical risk; fund buying in Q4'26 NWE cracks
17 page report