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NAPHTHA REPORT

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Cracks Flat

Cracks in both regions consolidate, with the MOPJ curve outpaces Europe
17 page report
24 August 2026

Power Nap

Naphtha cracks consolidate as East leads; E/W rebounds, while pronap buying strengthens with high-conviction hedger length.
17 page report
17 August 2026

Revival

Naphtha rebounds after early weakness, but East remains bearish; rising E/W selling and FEI/MOPJ pressure shape the trade.
17 page report
10 August 2026

Testing Support?

The naphtha complex continued to weaken into this week....
17 page report
3 August 2026

Peak and Fade

Hormuz spike fades as positioning turns bearish
17 page report
27 July 2026

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
20 July 2026

Bullish Blender

Naphtha rally continues on blending demand and geopolitical risk; fund buying in Q4'26 NWE cracks
17 page report
13 July 2026

Blenders Gotta Blend

Naphtha cracks firm, but trade houses sell E/W heavily; bearish engulfing points to downside in the East/West spread.
17 page report
6 July 2026

(NWE) Naphtha Rising

Naphtha stayed firm on European supply tightness, while Asia lagged; technicals suggest bullish momentum is fading
17 page report
29 June 2026

Can The Bulls Hang On?

Naphtha cracks reversed lower after midweek gains; trends remain bearish but weakening, with consolidation expected.
17 page report
22 June 2026

Naphtha catches a break

The overall market split in flows in the NWE crack vs Onyx highlights a still-short market, suggesting further room for profit-taking....
17 page report
15 June 2026

Weakness in the East?

Exchange-traded open interest has eased in the Jul'26 naphtha E/W, alongside a drop in net long positioning...
17 page report
8 June 2026

Naphtha Cracks Under Pressure

Naphtha weak: cracks lower, bearish positioning, spreads/flows pressured; oversold hints short-term bounce risk
17 page report
1 June 2026