For the Quarter Ending June 2026
Naphtha Price in APAC
- In Japan, the Naphtha Price Index rose by 30.4% quarter-over-quarter, reflecting earlier supply disruptions and elevated import premiums.
- The average Naphtha price for the quarter was approximately USD 911.67/MT, reflecting mixed weekly volatility and inventory adjustments.
- Naphtha Spot Price exhibited swings as Middle Eastern cargo rerouting and prompt availability influenced parity.
- Naphtha Price Forecast indicates alternating weakness and brief recoveries from inventory cycles and shipping risk.
- Naphtha Production Cost Trend tied to crude and freight; freight volatility increased landed cost uncertainty.
- Naphtha Demand Outlook shows subdued cracker runs amid weak olefin margins and cautious petrochemical procurement.
- Naphtha Price Index volatility reflected alternating supply surpluses and logistical risks weakening seller pricing power.
Why did the price of Naphtha change in June 2026 in APAC?
- Abundant Middle Eastern spot cargo arrivals and diverted exports increased prompt supply, overwhelming restrained domestic petrochemical purchasing.
- Weak cracker operating rates and poor olefin margins reduced feedstock demand, exacerbating downward pressure on landed import values.
- Freight routing uncertainties and insurance premia shifted supplier offers, but logistical improvements later eased some upward cost pressures.
South Korea
- In South Korea, the Naphtha Price Index rose by 33.97% quarter-over-quarter, driven by supply tightness.
- Naphtha Spot Price eased with abundant Middle Eastern cargoes pressuring offers, weighing on Price Index.
China
- In China, the Naphtha Price Index rose by 6.81% quarter-over-quarter, driven by crude-linked feedstock tightness.
- Domestic Naphtha Spot Price remained pressured by softer crude and ample inventories, limiting sellers' pricing.
Naphtha Price in Europe
- In Germany, the Naphtha Price Index rose by 38.97% quarter-over-quarter, driven by supply tightness elevating prices
- The average Naphtha price for the quarter was approximately USD 848.67/MT, reflecting elevated import costs
- Regional Naphtha Spot Price volatility reflected weekly crude swings, import delays, and Asian premium arbitrage
- Naphtha Price Forecast points to near-term softness amid weaker crude and ample seaborne supply availability
- Naphtha Production Cost Trend eased as Brent fell, lowering replacement costs and softening CIF economics
- Naphtha Demand Outlook remained muted as crackers substituted cheaper LPG and ethane, reducing naphtha intakes
- Observed Naphtha Price Index volatility reflected alternation between tight prompt availability and episodic inflows from the US Gulf
- Port inventories tightened earlier, recovered, while export demand fluctuated with Asian premiums and freight economics
- Major producer turnarounds and Middle East outages intermittently tightened supply, supporting short-term supplier pricing discipline
Why did the price of Naphtha change in June 2026 in Europe?
- Reduced Middle East export availability and refinery outages reduced prompt cargoes, tightening German import-dependent availability
- Crude oil weakness reduced production cost support, compressing replacement values and significantly pressuring CIF assessments
- Eased freight and stronger Atlantic arbitrage increased cargo competition, while subdued downstream buying limited recovery
Netherlands
- In the Netherlands, the Naphtha Price Index rose by 38.8% quarter-over-quarter, reflecting regional supply disruption.
- ARA cargo diversion tightened prompt supply while Naphtha Spot Price reacted to stronger Asian arbitrage.
UK (United Kingdom)
- In UK (United Kingdom), the Naphtha Price Index rose by 36.56% quarter-over-quarter from supply tightness.
- Naphtha Spot Price volatility resulted from shifting arbitrage and freight delays affecting prompt cargo competitiveness.
Naphtha Price in MEA
- In Saudi Arabia, the Naphtha Price Index rose by 28.93% quarter-over-quarter, driven by temporary export disruptions.
- The average Naphtha price for the quarter was approximately USD 823.00/MT, underscoring abundant export availability regionally.
- Naphtha Spot Price remained volatile as reopening shipping lanes increased prompt availability and pressured offers.
- Naphtha Price Forecast indicates short-term softness amid high run-rates, with spikes from logistical disruptions periodically.
- Naphtha Production Cost Trend weakened as Brent-linked crude eased, reducing refinery margins and lowering offers.
- Naphtha Demand Outlook shows muted Asian cracker buying and LPG substitution, keeping downward pressure regionally.
- Naphtha Price Index reflects oversupply from Saudi exports, inventory builds and subdued inquiry levels regionally.
- Major Saudi refineries maintained steady runs, keeping export volumes ample and limiting sustained price recovery.
Why did the price of Naphtha change in June 2026 in MEA?
- Reopening of Strait of Hormuz restored flows, increasing export availability and pressuring prompt prices further.
- Crude feedstock weakened, reducing production costs and eroding refinery margin support for Naphtha offers promptly.
- Asian steam-cracker demand stayed muted and LPG substitution lowered spot offtake, exacerbating oversupply into June.
Naphtha Price in North America
- In USA, the Naphtha Price Index rose by 38.16% quarter-over-quarter, driven by stronger cracker demand.
- The average Naphtha price for the quarter was approximately USD 772.33/MT, reflecting firmer cracker demand.
- Naphtha Spot Price volatility reflected export arbitrage compression and tanker constraints, influencing the Price Index.
- Naphtha Price Forecast expects modest softness due to ample refinery output and subdued Asian buying.
- Naphtha Production Cost Trend eased as WTI retreated, compressing splitter economics and pressuring seller margins.
- Naphtha Demand Outlook is mixed: polyethylene exports firmer while crackers prefer ethane, limiting incremental demand.
- Inventory accumulation and narrower arbitrage pressured the Naphtha Price Index, prompting sellers to offer discounts.
- High Gulf Coast refinery utilization maintained supply liquidity, constraining upside despite shipping bottlenecks affecting exports.
Why did the price of Naphtha change in June 2026 in North America?
- WTI crude softened sharply, lowering refinery input costs and pressuring naphtha margins and FOB values.
- Sustained high Gulf Coast runs increased domestic availability, reducing sellers' bargaining power and export arbitrage.
- Weak Asian buying and crackers favouring ethane limited export demand, leaving US stocks elevated softer.
Naphtha Price in South America
- In Brazil, the Naphtha Price Index rose by 38.72% quarter-over-quarter, driven by import tightness, feedstock.
- The average Naphtha price this quarter was USD 584.00/MT, reflecting tight imports and firm demand.
- Naphtha Spot Price showed volatility as Atlantic offers softened while domestic ex-works supply remained constrained.
- Naphtha Production Cost Trend pushed offers higher when crude benchmarks spiked, reducing refinery margin flexibility.
- Naphtha Price Forecast indicates range-bound movement, influenced by import arrivals, logistics, and downstream restocking patterns.
- Naphtha Demand Outlook remains supported by Braskem crackers operating near capacity, sustaining petrochemical feedstock requirements.
- Naphtha Price Index swings reflected alternating spikes and retracements as feedstock and import parity shifted.
- Inventory and export demand dynamics tightened coastal hubs, amplifying competition and sustaining elevated ex-works offers.
Why did the price of Naphtha change in June 2026 in South America?
- Crude oil retreat reduced production costs, prompting downward pressure on domestic ex-works naphtha valuations further.
- Stable refinery throughput and adequate inventories limited upside, keeping spot offerings subdued despite external volatility.
- Improved Atlantic import availability eased parity, while freight and insurance costs remained elevated, offsetting declines.
For the Quarter Ending March 2026
Naphtha Prices in North America
- In the USA, the Naphtha Price Index rose by 16.78% quarter-over-quarter, driven by tightening supply and demand.
- The average Naphtha price for the quarter was approximately USD 559.00/MT reported across Gulf Coast assessments.
- Naphtha Spot Price rose as Gulf Coast maintenance trimmed prompt availability, lifting the regional Price Index.
- Naphtha Price Forecast indicates limited upside amid supply constraints and modest Production Cost Trend increases.
- Naphtha Demand Outlook remains restrained as steam crackers favour ethane, reducing incremental petrochemical naphtha uptake.
- Inventory draws and stronger export nominations reduced available barrels, thereby supporting the Naphtha Spot Price.
- Major refinery turnarounds constrained supply, directly impacting the Naphtha Price Index regionally and market sentiment.
- Geopolitical sanctions and transit issues amplified arbitrage shifts, strengthening the Naphtha Price Forecast for near-term.
Why did the price of Naphtha change in March 2026 in North America?
- Coast refinery turnarounds reduced naphtha output, tightening supply and lifting FOB price pressure.
- Strait of Hormuz disruptions and sanctions rerouted supplies, increasing U.S. export demand, tightening availability.
- Stronger gasoline blending and elevated export nominations absorbed barrels, while feedstock costs remained stable.
Naphtha Prices in APAC
- In Japan, the Naphtha Price Index rose by 23.0% quarter-over-quarter, driven by seaborne prompt disruptions.
- The average Naphtha price for the quarter was approximately USD 699.00/MT, amid elevated import parity levels.
- Naphtha Spot Price volatility intensified in March as maritime rerouting and freight premiums lifted costs.
- Naphtha Price Forecast models point to sustained firmness amid persistent supply tightness and geopolitical risks.
- Naphtha Production Cost Trend reflected higher Brent-linked feedstock premiums and rising freight, raising landed costs.
- Naphtha Demand Outlook strengthened as steam cracker runs stayed above ninety percent, supporting feedstock offtake.
- Inventory draws and pre-fiscal-year restocking lifted the Naphtha Price Index, tightening availability across Tokyo Bay.
- Operational notices from major crackers and run-cuts reduced supply, amplifying spot market tightness in March.
Why did the price of Naphtha change in March 2026 in APAC?
- Middle-East-origin cargo disruptions and Strait of Hormuz closure reduced seaborne inflows to Japan in March.
- Higher Brent-linked feedstock premiums and elevated freight insurance increased landed import costs, pressuring parity levels.
- Strong cracker operating rates and pre-fiscal-year restocking lifted demand, sustaining import appetite despite higher costs.
Naphtha Prices in Europe
- In Germany, the Naphtha Price Index rose by 13.09% quarter-over-quarter, driven by tightening supply constraints.
- The average Naphtha price for the quarter was approximately USD 610.67/MT, reflecting mixed weekly volatility.
- Naphtha Spot Price firmed as maintenance reduced prompt availability across Northwest European import hubs sharply.
- Naphtha Price Forecast shows firmness as supply disruptions and geopolitical uncertainty constrain arbitrage cargo flows.
- Naphtha Production Cost Trend remained subdued as Brent held steady, limiting immediate upstream cost-push pressures.
- Naphtha Demand Outlook remains stable as steam crackers maintain feed intake while LPG substitution persists.
- Naphtha Price Index movements reflected inventory draws, increased freight and insurance costs, aggressive buyer restocking.
- Major refinery outages and power-unit failures reduced prompt volumes, elevating short-term volatility and premium allocation.
Why did the price of Naphtha change in March 2026 in Europe?
- Significant refinery maintenance and outages across Northwest Europe sharply reduced prompt naphtha availability, tightening balances.
- Robust steam-cracker feed demand in Germany absorbed available prompt volumes, intensifying competition for seaborne cargoes.
- Geopolitical disruptions and Strait of Hormuz constraints raised freight and insurance, limiting global arbitrage flows.
Naphtha Prices in MEA
- In Saudi Arabia, the Naphtha Price Index rose by 21.20% quarter-over-quarter, driven by supply disruptions regionally.
- The average Naphtha price for the quarter was approximately USD 638.33/MT, reflecting strong Asian buying activity.
- Naphtha Spot Price tightened as exporters prioritized cargoes and spot availability contracted amid rerouted tanker schedules.
- The Naphtha Price Forecast revised upward as Asian nominations increased and Hormuz transit risks raised premiums.
- Crude volatility and higher freight influenced the Naphtha Production Cost Trend, compressing margins for regional refiners.
- Regional petrochemical restocking improved the Naphtha Demand Outlook, with Asia front-loading purchases ahead of potential levies.
- Coastal terminal draws pushed the Naphtha Price Index higher despite stable refinery throughput and import volumes.
- Operational curtailments and geopolitical uncertainty amplified volatility, allowing sentiment to drive sizable weekly Naphtha FOB premiums.
Why did the price of Naphtha change in March 2026 in MEA?
- Strait of Hormuz curbs and Ras Tanura shutdown sharply reduced Gulf exports, tightening prompt naphtha availability.
- Brent crude gains raised replacement costs, transmitting cost pressure into FOB naphtha market valuations.
- Chinese pre-tax restocking and higher freight premia significantly accelerated nominations, shortening available cargoes for immediate delivery.
Naphtha Prices in South America
- In Brazil, the Naphtha Price Index fell by 4.46% quarter-over-quarter, reflecting muted downstream demand sentiment.
- The average Naphtha price for the quarter was approximately USD 421.00/MT reported domestically in January.
- Naphtha Spot Price showed volatility amid port bottlenecks and occasional arbitrage, tightening short-term coastal availability.
- Naphtha Price Forecast remained firm as import parity widened and domestic inventories hovered near minimums persistently.
- Naphtha Production Cost Trend remained muted as crude feedstock prices were stable, limiting cost-push inflation.
- Naphtha Demand Outlook stayed steady with cracker runs at design rates supporting polymer offtake packaging.
- Naphtha Price Index reflected combined impact of logistics premiums and supply contracts, moderating weekly swings.
- Inventory draws and export demand spikes tightened the market as major refiners maintained run rates promptly.
Why did the price of Naphtha change in March 2026 in South America?
- Logistics disruptions raised demurrage and freight, reducing seaborne inflows and tightening Brazilian import-dependent supply levels.
- Cracker demand remained firm, with high polyethylene offtake sustaining naphtha procurement despite broader industrial softness.
- Stable crude costs limited production cost pressures while import parity and contract volumes determined pricing.
For the Quarter Ending December 2025
North America
• In the USA, the Naphtha Price Index fell by 4.27% quarter-over-quarter, reflecting inventory overhang pressures.
• The average Naphtha price for the quarter was approximately USD 478.67/MT, based on FOB Texas assessments.
• Naphtha Spot Price weakened as crackers preferred ethane, increasing prompt supply and depressing export arbitrage.
• The Naphtha Price Forecast indicates near-term softness due to high inventories and limited arbitrage opportunities.
• Naphtha Production Cost Trend remained subdued as crude and NGL feedstock costs held steady overall.
• Naphtha Demand Outlook muted with crackers favoring ethane and seasonal gasoline blending reducing naphtha pull.
• Naphtha Price Index movements reflected refinery runrate swings, port logistics stability, and shifting gas-nap spreads.
• Export weakness and European cracker underperformance constrained trans-Atlantic flows, keeping Naphtha prices range-bound in December.
Why did the price of Naphtha change in December 2025 in North America?
• Steam crackers preferring ethane reduced naphtha feed demand, increasing spot availability and pressuring FOB prices.
• High Gulf Coast refinery runs maintained ample straight-run naphtha output, swelling inventories and limiting offers.
• Seasonal gasoline blending eased, while narrow arbitrage reduced export urgency, collectively weighing on FOB Naphtha.
APAC
• In Japan, the Naphtha Price Index fell by 3.29% quarter-over-quarter, driven by tariff cuts and demand.
• The average Naphtha price for the quarter was approximately USD 568.33/MT, reflecting freight-related import parity.
• Naphtha Spot Price softened as ample imports, neutral freight and LPG substitution reduced buying interest.
• Naphtha Price Forecast indicates limited upside absent crude firming or regional refinery outages increasing tightness.
• Naphtha Production Cost Trend was mixed as lower crude offset higher electricity and freight surcharges.
• Naphtha Demand Outlook remains subdued with soft polymer orders though seasonal packaging provided limited support.
• Naphtha Price Index movements reflected comfortable inventories, intermittent export flows, and occasional prompt supply draws.
• Spot Price sensitivity to LR1 freight and splitter buying influenced short term offers and volumes.
Why did the price of Naphtha change in December 2025 in APAC?
• Import tariff cut reduced landed costs and encouraged sellers to lower offers, pressuring Japan naphtha prices.
• Elevated electricity and LNG costs squeezed cracker margins, moderating incremental naphtha buying despite steady run rates.
• Comfortable inventories and neutral freight lowered urgency for spot purchases, amplifying downward Price Index momentum.
Europe
• In Germany, the Naphtha Price Index fell by 2.94% quarter-over-quarter, weaker feedstock and demand conditions.
• The average Naphtha price for the quarter was approximately USD 540.00/MT, reported by importers terminals.
• Naphtha Spot Price remained rangebound amid balanced supply, stable freight, and moderate downstream purchasing activity.
• Naphtha Price Forecast expects limited volatility as crude stability and inventories restrain stronger directional moves.
• Naphtha Production Cost Trend eased after softer crude, reducing immediate upward pressure on CIF differentials.
• Naphtha Demand Outlook remains moderate with restrained polymer demand limiting restocking and sustained subdued consumption.
• Inventory levels Hamburg and ARA hubs support seller competition, limiting upward movement in Price Index.
• Export arbitrage to Asia, steady throughput reduced German premia, keeping spot and CIF offers contained.
Why did the price of Naphtha change in December 2025 in Europe?
• Lower crude feedstock and narrower propane spreads reduced production cost support, weakening buying interest materially.
• Adequate import flows, normal port operations and healthy terminal inventories limited upward pricing pressure period.
• Soft downstream polymer demand and muted cracker restocking reduced spot demand, keeping CIF levels neutral.
MEA
• In Saudi Arabia, the Naphtha Price Index fell by 3.48% quarter-over-quarter, reflecting ample refinery output.
• The average Naphtha price for the quarter was approximately USD 526.67/MT, per weekly FOB assessments.
• Weak Asian buying pressured the Naphtha Spot Price, reflecting muted cracker run-rates and export competition.
• Near-term Naphtha Price Forecast indicates modest volatility, with supply balance and crude direction as determinants.
• Stable utility tariffs and feedstock availability moderated the Naphtha Production Cost Trend, limiting upward pressure.
• Naphtha Demand Outlook remains cautious as propane competitiveness and Asian cracker margins dictate selective procurement.
• Ample Saudi export length and smooth logistics kept the Naphtha Price Index range-bound despite intermittent buying.
• Operational continuity at major Saudi plants sustained steady flows, constraining upside in regional spot and term markets.
Why did the price of Naphtha change in December 2025 in MEA?
• High domestic refinery runs and ample inventories flooded export pools, exerting sustained downward pressure on prices.
• Narrowing propane-naphtha spreads briefly revived Asian buying, slightly improving prompt demand for Saudi FOB parcels.
• Reduced war-risk premiums, efficient port operations, and stable tariffs lowered seller risk premia, narrowing price support.
South America
• In Brazil, the Naphtha Price Index fell by 6.37% quarter-over-quarter, reflecting domestic supply and ethanol blending.
• The average Naphtha price for the quarter was approximately USD 440.67/MT, on an EXW basis.
• Naphtha Spot Price weakened as crude eased and refinery yields increased, pressuring premiums and liquidity.
• Naphtha Price Forecast indicates near-term softness driven by elevated import flows and policy-induced demand shifts.
• Naphtha Production Cost Trend eased with lower crude, narrowing refinery margins and reducing supplier offers.
• Naphtha Demand Outlook remained subdued as cracker run-rates dropped and propane discounts curtailed naphtha offtake.
• Naphtha Price Index was pressured by higher ethanol blending mandates and contractual inflows enlarging supply.
• Naphtha Spot Price volatility reflected freight parity, terminal inventories, and limited arbitrage into Brazil markets.
Why did the price of Naphtha change in December 2025 in South America?
• Stronger import parity and higher crude lifted landed offers, tightening effective domestic availability during December.
• Policy changes increasing ethanol blending and contractual inflows expanded merchant supply, pressuring ex-works prices locally.
• Lower cracker utilisation and LPG discounts reduced naphtha demand, transmitting weakness into the Price Index.
For the Quarter Ending September 2025
North America
• In the USA, the Naphtha Price Index fell by 2.22% quarter-over-quarter, reflecting softer crude arbitrage.
• The average Naphtha price for the quarter was USD 500.00/MT, supported by steady Gulf refinery.
• Naphtha Spot Price movements tracked crude; Naphtha Price Index highlighted weaker export arbitrage and volatility.
• Naphtha Price Forecast indicates upside risk from gasoline blending, refined product cracks and crude support.
• Naphtha Production Cost Trend reflected feedstock linkage to crude, causing margin pressure amid refinery throughput.
• Naphtha Demand Outlook stayed mixed: steady petrochemical offtake offset by weaker Asian export buying overall.
• The Naphtha Price Index reflected balanced inventories, firm export programs, and selective spot cargo competition.
• Major Gulf refiners ran steadily, limiting outages and keeping Naphtha supply available for nearby exporters.
Why did the price of Naphtha change in September 2025 in North America?
• Lower crude reduced feedstock costs, easing export netbacks and pressuring Naphtha values across Gulf markets.
• Steady refinery runs maintained supply, while hurricane season risk and freight dynamics altered arbitrage flows.
• Weak Asian and European demand softened international bids, offsetting domestic petrochemical support for Naphtha values.
APAC
• In Japan, the Naphtha Price Index rose by 2.26% quarter-over-quarter, reflecting firmer regional feedstock dynamics.
• The average Naphtha price for the quarter was approximately USD 587.67/MT, based on CFR Tokyo.
• Naphtha Spot Price volatility reflected mixed freight, yen depreciation, and supply tightness across Tokyo terminals.
• Moderate domestic demand supported Naphtha Demand Outlook despite softer export pull and controlled inventory strategies.
• Naphtha Price Forecast indicates modest gains driven by crude strength and elevated cracker utilization rates.
• Naphtha Production Cost Trend tracked Brent and condensate, with currency shifts amplifying landed cost pressures.
• The Naphtha Price Index displayed intermittent weekly swings, but overall maintained cautious upward seasonal bias.
• Balanced tank stocks and smooth Tokyo port operations limited buying, tempering Naphtha Price Index spikes.
• Export demand recovery and selective cracker restarts underpin regional offtake, supporting CFR Naphtha quotes periodically.
Why did the price of Naphtha change in September 2025 in APAC?
• Crude volatility and OPEC+ output adjustments raised landed costs, pressuring Naphtha supply-demand balances in September.
• Geopolitical incidents reduced Russian refinery runs, tightening feedstock flows and elevating prompt Naphtha premiums regionally.
• Eased intra-Asia freight and steady imports cushioned price rises, while robust cracker demand increased consumption.
Europe
• In Germany, the Naphtha Price Index fell by 2.51% quarter-over-quarter, reflecting softer downstream demand conditions.
• The average Naphtha price for the quarter was approximately USD 556.33/MT per CIF Hamburg reports.
• Naphtha Spot Price remained range-bound, with the Naphtha Price Index showing limited volatility amid imports.
• Naphtha Price Forecast indicates modest upside risk as crude support and logistical frictions tighten availability.
• Naphtha Production Cost Trend tracks Brent movements, keeping delivered CIF values supported despite balanced inventories.
• Naphtha Demand Outlook is mixed as cracker run variances and polymer grade divergence temper offtake.
• Naphtha Price Index movements were constrained by ample inventories, low offtake and limited export arbitrage.
• Terminal delays and inland rail disruptions tightened effective availability, supporting CIF offers despite subdued demand.
Why did the price of Naphtha change in September 2025 in Europe?
• Logistics bottlenecks and rail delays reduced terminal throughput, tightening availability and elevating CIF realizations.
• Slight crude firmness increased production costs, transmitting into higher naphtha cost base for buyers.
• Mixed downstream demand and selective cracker restarts produced uneven offtake, constraining sustained price momentum.
MEA
• In Saudi Arabia, the Naphtha Price Index rose by 2.25% quarter-over-quarter, reflecting crude support and exports
• The average Naphtha price for the quarter was approximately USD 545.67/MT, reflecting FOB trade consistently
• Naphtha Spot Price showed volatility driven by Brent movements, supply tightened by refinery run cuts
• Naphtha Price Forecast indicates modest upside term, supported by seasonal Asian demand and refinery maintenance
• Naphtha Production Cost Trend tracks crude, with crude elevating cost base and squeezing cracker margins
• Naphtha Demand Outlook remains regionally mixed as Asian cracker restarts offset weaker European polymer consumption
• Naphtha Price Index movements reflected inventory buffers and export programs China, Japan, and Southeast Asia
• Refinery operations in Saudi Arabia remained stable, enabling reliable FOB loadings and limiting short-term price shocks
Why did the price of Naphtha change in September 2025 in MEA?
• Crude oil softened in September, reducing feedstock cost support and exerting downward pressure on FOB values
• Saudi crude exports to China fell, tightening refinery feedstock and lowering naphtha yields, lifting FOB scarcity
• Regional inventory builds and moderated downstream demand balanced upward pressure, keeping Naphtha Price Index range-bound
South America
• In Brazil, the Naphtha Price Index fell by 9.31% quarter-over-quarter, driven by weaker crude imports.
• The average Naphtha price for the quarter was approximately USD 470.67/MT, reflecting EXW Rio de Janeiro market.
• Naphtha Spot Price volatility narrowed mid-quarter as domestic refinery throughput and inventories moderated market reactions.
• Naphtha Price Forecast projects mild upside near-term, contingent on crude recovery and limited import cargoes.
• Naphtha Production Cost Trend showed softer feedstock costs mid-quarter, though FX pressures sustained import premiums.
• Naphtha Demand Outlook remains cautious as petrochemical offtake was subdued, with converters maintaining hand-to-mouth purchasing.
• Naphtha Price Index movements reflected tight terminal stocks late September, constraining spot tonnes for export.
• Refinery maintenance and pre-salt condensate shortfalls intermittently tightened supply, supporting near-term Naphtha Price Index resilience.
Why did the price of Naphtha change in September 2025 in South America?
• Reduced crude benchmarks lowered feedstock costs, but local FX depreciation kept imported naphtha relatively expensive.
• Terminal stocks fell below comfort bands, creating short-cover dynamics that tightened prompt Naphtha availability regionally.
• Domestic petrochemical demand softened amid cautious downstream buying, reducing sustained offtake despite occasional refinery disruptions.
