- CIF NWE naphtha flat prices fall- Non-Russian origin barrels tight



CIF NWE naphtha prices
were 8% lower than expected due to a weakening in the crude oil complex on
March 9. Market participants remain cautious about purchasing Russian products
because of sanctions. Buyers have turned to the US Gulf Coast to source
non-Russian product because they are resentful of Russian barrels. There is plenty of product, but it is impossible to find
enough non-Russian-derived naphtha if everyone avoids Russian barrels. A European trader stated that even if naphtha production was
rampant, it would not be enough to compensate for Russian volumes. Naphtha was in high demand from both gasoline blenders as
petrochemical producers. According to
Transneft, despite the high demand, some refineries were experiencing
difficulties due to high natural gasoline prices. Crude uptake was stopped...