- In a weaker mood, backwardation is reduced- Russian refineries start maintenance



Sources said that the European naphtha
market was still weighed down by sufficient stocks to meet subdued demand
in this region. The backwardation "was too high because everyone
bought ahead of sanctions (Feb. 5 for Russian oil products). One source stated that it
was supply-driven and not demand. The
market is now more relaxed, with everything packed with naphtha and no petchems
[demand]], but it's still packed with naphtha. The front-month CIF NWE naphtha Swap was up $4.25/mt at
HTML723.75/mt. "b> /b>The
front-month CIF NWE naphtha swap was up $4.25/mt on the day at
/b>$723.75/mt. It usually performs
works around July-August. However, the March/April CIF naphtha Swap spread was
down $1.25/mt to $11.25/mt. May's front-month East West -- the spread between
CIF NWE naphtha cargo swap and...