- Naphtha crack further- The demand remains low



CIF naphtha's cargo market in Northwest Europe suffered
continued weakness on Nov. 2, as both demand and supply were largely unchanged. Sources said that the main
support for the demand side was gasoline blending, despite low petrochemical
cracking demand. According to refinery
news, workers from TotalEnergies' Gonfreville refinery, Normandy, France have
decided to end their month-long strike. The company announced Nov. 2. Sources said that Asia's naphtha market remained bearish.
This caused participants to hesitate to engage in term negotiations because of
the wide spreads for open-specified naphtha. Sources said that naphtha paper continued to fall day-on-day
against the crude oil market due to poor physical market sentiment and low
petrochemical demand. The December CIF NWE
naphtha swap spread was $674.25-$689.35/mt. This is an increase of $10.75-$15.86/mt. The...