Naphtha

Naphtha futures moved toward the $700 per tonne mark, recovering further from an over-one-year low of $583 hit on December 8th and supported by overall strength in other energy products, mainly crude oil, on hopes of increasing demand after the Chinese reopening. However, while China, the world's largest energy importer, is taking significant steps to boost its economy and end its harsh coronavirus-induced restrictions, the US and Europe are heading into a recession amid tight financial conditions. Meanwhile, Europe's ban on Moscow's oil products should keep supplies in the old continent tight, but some analysts warned that Asian markets would likely absorb it. Naphtha, a key feedstock for plastics whose price serves as an indicator for a wide range of petrochemical products, reached a 14-year high of $1,122 on March 8th, following Russia's invasion of Ukraine.

Historically, Naphtha reached an all time high of 1180.47 in July of 2008. Naphtha - data, forecasts, historical chart - was last updated on January of 2023.

Naphtha is expected to trade at 628.18 USD/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 683.21 in 12 months time.