Naphtha rally extends, cracks and timespreads hit new 2025 highs

Commentary summary:

• Physical premiums also rebounded in both Asia and Europe, with the latter showing stronger recovery.

• MOPJ crack turned positive in the prompt.

• Gas-nap narrowed $7/mt over the week but new gasoline blending opportunities arise.

• MED premiums tightened amid an optimistic outlook for the arbitrage to the East.

The strong upward trend in the naphtha market continued for another week, pushing cracks and timespreads to their highest levels of the year, with the MOPJ crack turning positive—an indicator we’ve seen repeatedly during the market’s strongest periods over the past year.

Jorge Molinero is a Commodity Owner at Sparta. Starting his career as a financial analyst with BBVA, Jorge quickly transitioned to market intelligence within the energy sector, spending 4 years as a naphtha analyst with Repsol before joining Sparta in early 2023.

Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.

To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com