- The Naphtha crack is further- Increased bearish sentiment



On June 9, the Northwest Europe naphtha
cargo market suffered from bearish sentiment, largely due to oversupply. Refineries are now
producing more light end products, which is filling the market's need for
excess naphtha, despite record-high distillate cracked spread levels. A market source stated that Russia still exports a fair
amount of naphtha, despite having high refinery margins and low cracker
margins. According to market sources,
Shell Energy and Chemicals Park Rotterdam, formerly known under the Pernis
refinery, is slowly restarting. The Asian
naphtha market continues to be affected by low margins for naphtha olefins. While there was less demand for crackers, there was more
supply. The paper market continued to fall
amid ongoing bearish factors in physical markets, which pushed the prompt
forward curve into an...