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Read the latest trading news, views and insights from Sparta’s team of experts.

10 April 2025

Light ends suffer as trade war escalates and the arbitrage opportunities disappear

27 March 2025

Will naphtha timespreads and cracks find a floor after recent weakness?

20 March 2025

Naphtha arbitrage and blending strengthen, but Europe’s market hits a plateau on a weaker petrochemical market

13 March 2025

Arbitrage openings and gasoline recovery fuel naphtha strength, but the Q2 does not look as promising

6 March 2025

The naphtha market rebounds from recent lows – will it return to the uptrend or fundamentals have changed?

28 February 2025

Has the market gone too far?

20 February 2025

Strong momentum in naphtha market, but is European demand pointing to a ceiling?

13 February 2025

January swings set the stage for market rally

6 February 2025

Cash diffs diverge strongly to shut West-East arbs but situation looks unsustainable

30 January 2025

European naphtha gains momentum amid short term gasoline strength

23 January 2025

Current arbitrage weakness caps naphtha upside, but March offers hope

9 January 2025

Can the naphtha market recover from early-year losses?

23 December 2024

Naphtha market outlook for 2025

19 December 2024

Navigating backwardation: Naphtha market’s recovery arrives early

12 December 2024

Have we left the bottom behind?

28 November 2024

European market hits contango amid rising Russian supply and weak demand

21 November 2024

Declining physical premiums keep pointing to a soft naphtha outlook

7 November 2024

Global naphtha prices fall amid limited arbitrage opportunities

31 October 2024

Is naphtha’s peak behind us?

24 October 2024

Arb to Asia shapes Q4 outlook, still supported despite high seasonal levels

17 October 2024

Volatile naphtha market faces a changing arbitrage outlook and strong gasoline support

10 October 2024

Short-term pressures on Europe, but will it last?

3 October 2024

Come together: Surging E/W spread countered by weaker Asian naphtha cash diffs, global cracks and time spreads find ceiling

26 September 2024

Gold(en) rush: Naphtha fixture frenzy ahead of Asian holiday defies closed arbs, props up cash diffs and E/W

19 September 2024

The crack up: Physical, paper naphtha market divergence to be tested by softer Asian petchems

12 September 2024

Free fallin’: Softer naphtha prices have improved Asian steam cracker margins, firmed import appetite

5 September 2024

Nap time: Global cracks to remain strong, particularly in the East, as resupply concerns still dominate

29 August 2024

Bull-etproof: Global markets’ sharp correction dents naphtha strength

22 August 2024

FOB off: Med cash diffs soften with freight to reopen key naphtha arbs to NE Asia, ARA

15 August 2024

Twist of freight: Plummeting ship rates insufficient to reopen near-term naphtha arbs; FOB values to remain strong as refinery works loom

8 August 2024

Shut tight: More global naphtha arbs in the red as refinery output dries up ahead of maintenance; spread, crack strength to linger

1 August 2024

The heat is on: Slackening Asian naphtha demand constricts E/W spread as petchems consumption slows; and Med, ARA output thins

18 July 2024

Beryl rhymes with peril: Continued Med, AG naphtha strength shuts down end-Q3 arbs as weakness enters Asian markets

11 July 2024

A polarised market: physical prices stronger than paper, West outperforming East, and reversal arb emerging on the horizon

4 July 2024

What the freight: Shipping rate volatility on Beryl fears and pre-holiday fixing shuts several prompt arbs; corrections to occurs by mid-month

27 June 2024

Close but no cigar: NWE naphtha FOB surge insufficient to offset still robust Med values; supply-side retreat expected next month; US demand appears tentative despite open arbs

20 June 2024

Guess who’s back? Critical naphtha arbs sustainably open on softer FOB premia, although Med, ARA refinery issues could erode margins

13 June 2024

Do the Tussle: Freight volatility briefly opens and then shuts key arbs; narrow summer Asian pro-naps signal naphtha steam cracker advantage

6 June 2024

Skyrocketing freight compresses most naphtha arbs; softer Med premia, resilient Asian pricing keep Eastbound arbs open; West of Suez arbs challenged by weak gasoline, surfeit of supply

30 May 2024

Asian naphtha outlook turns cautiously optimistic, wider E/W spread to encourage more incremental Med flows; ARA upturn dependent on improved gasoline T/A arb

24 May 2024

Asian naphtha time spreads correct after Tuapse, Daesan resume operations, making Med-Asia arbs uneconomic; further ARA weakness to widen E/W, while defiant US prices spurn inbound NYH cargoes

16 May 2024

Unseasonably tight Asia pro-nap swaps unsustainable, weaker Europe to turn more Med cargoes East in July; US-ARA arb reopens on paper in Q4

9 May 2024

Weaker naphtha cracks, time spreads to challenge near-term arbs; slim window for Med product to find Asian homes appears

2 May 2024

E/W naphtha to remain wide but fall short of record highs as Asia weakens and Europe threatened by near-term gasoline weakness; US to further soften amid lacklustre domestic demand

25 April 2024

Market recovers on the back of arb to Asia marginally open; PADD 1 stocks suggest further tightening

18 April 2024

European and Asian markets moving away from lows, bearish trend in US prompts USGC export rise

11 April 2024

Red Sea arb too much for current European naphtha demand

4 April 2024

Is April the peak of naphtha markets’ bull run?

28 March 2024

Prompt NWE naphtha strength reopens Red Sea arb; Asia to remain unattractive for West-bound cargoes while USGC to buckle from Canadian demand loss

21 March 2024

Strong backwardation holds in Europe but only in the prompt, Asia well supplied while US faces challenging Q2

14 March 2024

Backwardation continues to exert pressure in a European market that is displaying increasing blending margins

7 March 2024

Asian market gains momentum for Q2 on surging petrochemical demand; European blending challenges in lower gas-nap and rising aromatic components

29 February 2024

European market continues to hit new highs on rising petrochemical demand, but gas-nap suggests gasoline demand could have already peaked

22 February 2024

Asia leads the uptrend and recent market movements suggest that a bottom has been reached

15 February 2024

Europe shows first signs of weakening despite higher petrochemical demand, while Asia keeps arb closed

8 February 2024

Supply issues, gas-nap, and strong US market drive naphtha into strong backwardation, tightening Q1 outlook

1 February 2024

E/W cools down after overreacting to attack on the Marin Luanda and facilities in Ust Luga and Tuapse; will current values be enough to pay for Asian arb needs?

25 January 2024

Asian market continues to rise as Cape of Good Hope alternative materialises, while gasoline demand keeps pushing for blending naphtha in Europe and Asia

18 January 2024

Naphtha market collapse in Asia due to urgency to cover the lack of Middle East product

11 January 2024

Balances keep tight and backwardation steepens, but the bottom looks close and US points to more exports in the coming weeks

5 January 2024

The New Year suggests a softer market as the East is set to pull less than December highs

21 December 2023

Asia keep pushing for more barrels but the end of Q1 looks less tight

14 December 2023

Asia market pushing for more arb supply while Europe shows initial signs of not following the trend

7 December 2023

Asian naphtha rally heats up Europe, but fundamentals still questionable going forward

30 November 2023

Asian bullishness drags Europe higher, but some supports still to reverse

23 November 2023

Prompt optimism continues but early signs of a correction emerge in Asia

16 November 2023

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

9 November 2023

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

2 November 2023

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

27 October 2023

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

19 October 2023

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

13 October 2023

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

6 October 2023

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

28 September 2023

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

22 September 2023

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

14 September 2023

US strength set to reverse flows in the prompt as NYH pulls European volumes and USGC shuts export avenues

7 September 2023

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

4 September 2023

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31 August 2023

Contango on the horizon as pricing turns to Q4 challenges

24 August 2023

Panama Canal demurrage leads to an unbalanced heavy market

18 August 2023

Backwardation softens as Russian flows to Asia pick up through August

10 August 2023

The naphtha market extends its summer gains with Asia continuing to lead the way

3 August 2023

Resurgent Asian demand drives the world to backwardation

26 June 2023

Is this another buy the dip moment?

20 June 2023

Strong gasoline or weak naphtha?

7 February 2023

Market coming off hard, but European Mogas comparatively well-supported

30 January 2023

Bullish overtones continue as gasoline market looks to spring

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