Chemicals Updates

European Naphtha Daily Market Analysis / Naphtha crack spread keeps narrowing / Naphtha ARA stocks reach two-month low

Aug 11, 2025

In the European naphtha market, the crack spread kept narrowing on the day, while backwardation of time spreads persisted along the forward curve. The Market on Close assessment process saw a very active naphtha cargo window with 10 indications in total, including two trades, during the window. “I think strength on [naphtha] cracks is also partly crude driven, but seems that this contamination issue [organic chloride contamination] has pushed more naphtha into blending and less into the petchem pool,” a Europe-based trader source said, commenting on the current fundamentals in the naphtha market. The source said that the current strength in the naphtha market is “is more driven by this contamination issue and EBOB [gasoline blending demand for naphtha] strength.” Naphtha stocks in the Amsterdam-Rotterdam- Antwerp area decreased 6.13% in...

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