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Naphtha cracks find stability; East/West narrows; growing risk appetite in Mar'26 contracts
Published: February 9, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
17 page report
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The naphtha swaps complex has found stability in the first week of February after a tumultuous end to January, given volatile Brent prices. The Mar'26 NWE crack has been rangebound around the -$5.40/bbl level over the past week. Meanwhile, NWE naphtha spreads generally saw sell-side interest over the past week, in particular the Mar'26 region.

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