Jorge Molinero

Cracks and spreads soar, stronger NY market, but blending demand support is set to fade 

Brent collapse boosts naphtha cracks while Panama delays impact Asian propane-nap spreads and eastbound arb prospects 

Crack rebound looks overdone on weak fundamentals outlook as physical premiums remain sluggish 

Timespreads plummeting in a weak market while E/W after big spike on geopolitical risk. Limited support from gasoline blending where octane values pull heavy naphtha premiums 

Cracks under pressure from strong crude, cheap propane, but rebounding gasoline helps take bearish edge off of Q4 

Spreads tumble though Asia remains in backwardation, Gas-Nap narrows as a potential demand side bright spot amid RBOB weakness 

Weak gasoline adds bearish pressure to naphtha demand for blending while E/W collapses after reaching $10/mt 

NYH blenders are increasing premiums in an effort to source products from a robust Europe in the physical market, despite a weaker trend on paper 

Europe leads the strength on the naphtha market while Asia pushes E/W as both compete for Mediterranean barrels 

Asia holds on while Europe faces a challenging Q4 for open-spec naphtha