For the Quarter Ending March 2026
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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
鈥� In the USA, the Naphtha Price Index fell by 4.27% quarter-over-quarter, reflecting inventory overhang pressures.
鈥� The average Naphtha price for the quarter was approximately USD 478.67/MT, based on FOB Texas assessments.
鈥� Naphtha Spot Price weakened as crackers preferred ethane, increasing prompt supply and depressing export arbitrage.
鈥� The Naphtha Price Forecast indicates near-term softness due to high inventories and limited arbitrage opportunities.
鈥� Naphtha Production Cost Trend remained subdued as crude and NGL feedstock costs held steady overall.
鈥� Naphtha Demand Outlook muted with crackers favoring ethane and seasonal gasoline blending reducing naphtha pull.
鈥� Naphtha Price Index movements reflected refinery runrate swings, port logistics stability, and shifting gas-nap spreads.
鈥� 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?
鈥� Steam crackers preferring ethane reduced naphtha feed demand, increasing spot availability and pressuring FOB prices.
鈥� High Gulf Coast refinery runs maintained ample straight-run naphtha output, swelling inventories and limiting offers.
鈥� Seasonal gasoline blending eased, while narrow arbitrage reduced export urgency, collectively weighing on FOB Naphtha.
APAC
鈥� In Japan, the Naphtha Price Index fell by 3.29% quarter-over-quarter, driven by tariff cuts and demand.
鈥� The average Naphtha price for the quarter was approximately USD 568.33/MT, reflecting freight-related import parity.
鈥� Naphtha Spot Price softened as ample imports, neutral freight and LPG substitution reduced buying interest.
鈥� Naphtha Price Forecast indicates limited upside absent crude firming or regional refinery outages increasing tightness.
鈥� Naphtha Production Cost Trend was mixed as lower crude offset higher electricity and freight surcharges.
鈥� Naphtha Demand Outlook remains subdued with soft polymer orders though seasonal packaging provided limited support.
鈥� Naphtha Price Index movements reflected comfortable inventories, intermittent export flows, and occasional prompt supply draws.
鈥� 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?
鈥� Import tariff cut reduced landed costs and encouraged sellers to lower offers, pressuring Japan naphtha prices.
鈥� Elevated electricity and LNG costs squeezed cracker margins, moderating incremental naphtha buying despite steady run rates.
鈥� Comfortable inventories and neutral freight lowered urgency for spot purchases, amplifying downward Price Index momentum.
Europe
鈥� In Germany, the Naphtha Price Index fell by 2.94% quarter-over-quarter, weaker feedstock and demand conditions.
鈥� The average Naphtha price for the quarter was approximately USD 540.00/MT, reported by importers terminals.
鈥� Naphtha Spot Price remained rangebound amid balanced supply, stable freight, and moderate downstream purchasing activity.
鈥� Naphtha Price Forecast expects limited volatility as crude stability and inventories restrain stronger directional moves.
鈥� Naphtha Production Cost Trend eased after softer crude, reducing immediate upward pressure on CIF differentials.
鈥� Naphtha Demand Outlook remains moderate with restrained polymer demand limiting restocking and sustained subdued consumption.
鈥� Inventory levels Hamburg and ARA hubs support seller competition, limiting upward movement in Price Index.
鈥� 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?
鈥� Lower crude feedstock and narrower propane spreads reduced production cost support, weakening buying interest materially.
鈥� Adequate import flows, normal port operations and healthy terminal inventories limited upward pricing pressure period.
鈥� Soft downstream polymer demand and muted cracker restocking reduced spot demand, keeping CIF levels neutral.
MEA
鈥� In Saudi Arabia, the Naphtha Price Index fell by 3.48% quarter-over-quarter, reflecting ample refinery output.
鈥� The average Naphtha price for the quarter was approximately USD 526.67/MT, per weekly FOB assessments.
鈥� Weak Asian buying pressured the Naphtha Spot Price, reflecting muted cracker run-rates and export competition.
鈥� Near-term Naphtha Price Forecast indicates modest volatility, with supply balance and crude direction as determinants.
鈥� Stable utility tariffs and feedstock availability moderated the Naphtha Production Cost Trend, limiting upward pressure.
鈥� Naphtha Demand Outlook remains cautious as propane competitiveness and Asian cracker margins dictate selective procurement.
鈥� Ample Saudi export length and smooth logistics kept the Naphtha Price Index range-bound despite intermittent buying.
鈥� 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?
鈥� High domestic refinery runs and ample inventories flooded export pools, exerting sustained downward pressure on prices.
鈥� Narrowing propane-naphtha spreads briefly revived Asian buying, slightly improving prompt demand for Saudi FOB parcels.
鈥� Reduced war-risk premiums, efficient port operations, and stable tariffs lowered seller risk premia, narrowing price support.
South America
鈥� In Brazil, the Naphtha Price Index fell by 6.37% quarter-over-quarter, reflecting domestic supply and ethanol blending.
鈥� The average Naphtha price for the quarter was approximately USD 440.67/MT, on an EXW basis.
鈥� Naphtha Spot Price weakened as crude eased and refinery yields increased, pressuring premiums and liquidity.
鈥� Naphtha Price Forecast indicates near-term softness driven by elevated import flows and policy-induced demand shifts.
鈥� Naphtha Production Cost Trend eased with lower crude, narrowing refinery margins and reducing supplier offers.
鈥� Naphtha Demand Outlook remained subdued as cracker run-rates dropped and propane discounts curtailed naphtha offtake.
鈥� Naphtha Price Index was pressured by higher ethanol blending mandates and contractual inflows enlarging supply.
鈥� 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?
鈥� Stronger import parity and higher crude lifted landed offers, tightening effective domestic availability during December.
鈥� Policy changes increasing ethanol blending and contractual inflows expanded merchant supply, pressuring ex-works prices locally.
鈥� Lower cracker utilisation and LPG discounts reduced naphtha demand, transmitting weakness into the Price Index.
For the Quarter Ending September 2025
North America
鈥� In the USA, the Naphtha Price Index fell by 2.22% quarter-over-quarter, reflecting softer crude arbitrage.
鈥� The average Naphtha price for the quarter was USD 500.00/MT, supported by steady Gulf refinery.
鈥� Naphtha Spot Price movements tracked crude; Naphtha Price Index highlighted weaker export arbitrage and volatility.
鈥� Naphtha Price Forecast indicates upside risk from gasoline blending, refined product cracks and crude support.
鈥� Naphtha Production Cost Trend reflected feedstock linkage to crude, causing margin pressure amid refinery throughput.
鈥� Naphtha Demand Outlook stayed mixed: steady petrochemical offtake offset by weaker Asian export buying overall.
鈥� The Naphtha Price Index reflected balanced inventories, firm export programs, and selective spot cargo competition.
鈥� 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?
鈥� Lower crude reduced feedstock costs, easing export netbacks and pressuring Naphtha values across Gulf markets.
鈥� Steady refinery runs maintained supply, while hurricane season risk and freight dynamics altered arbitrage flows.
鈥� Weak Asian and European demand softened international bids, offsetting domestic petrochemical support for Naphtha values.
APAC
鈥� In Japan, the Naphtha Price Index rose by 2.26% quarter-over-quarter, reflecting firmer regional feedstock dynamics.
鈥� The average Naphtha price for the quarter was approximately USD 587.67/MT, based on CFR Tokyo.
鈥� Naphtha Spot Price volatility reflected mixed freight, yen depreciation, and supply tightness across Tokyo terminals.
鈥� Moderate domestic demand supported Naphtha Demand Outlook despite softer export pull and controlled inventory strategies.
鈥� Naphtha Price Forecast indicates modest gains driven by crude strength and elevated cracker utilization rates.
鈥� Naphtha Production Cost Trend tracked Brent and condensate, with currency shifts amplifying landed cost pressures.
鈥� The Naphtha Price Index displayed intermittent weekly swings, but overall maintained cautious upward seasonal bias.
鈥� Balanced tank stocks and smooth Tokyo port operations limited buying, tempering Naphtha Price Index spikes.
鈥� 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?
鈥� Crude volatility and OPEC+ output adjustments raised landed costs, pressuring Naphtha supply-demand balances in September.
鈥� Geopolitical incidents reduced Russian refinery runs, tightening feedstock flows and elevating prompt Naphtha premiums regionally.
鈥� Eased intra-Asia freight and steady imports cushioned price rises, while robust cracker demand increased consumption.
Europe
鈥� In Germany, the Naphtha Price Index fell by 2.51% quarter-over-quarter, reflecting softer downstream demand conditions.
鈥� The average Naphtha price for the quarter was approximately USD 556.33/MT per CIF Hamburg reports.
鈥� Naphtha Spot Price remained range-bound, with the Naphtha Price Index showing limited volatility amid imports.
鈥� Naphtha Price Forecast indicates modest upside risk as crude support and logistical frictions tighten availability.
鈥� Naphtha Production Cost Trend tracks Brent movements, keeping delivered CIF values supported despite balanced inventories.
鈥� Naphtha Demand Outlook is mixed as cracker run variances and polymer grade divergence temper offtake.
鈥� Naphtha Price Index movements were constrained by ample inventories, low offtake and limited export arbitrage.
鈥� 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?
鈥� Logistics bottlenecks and rail delays reduced terminal throughput, tightening availability and elevating CIF realizations.
鈥� Slight crude firmness increased production costs, transmitting into higher naphtha cost base for buyers.
鈥� Mixed downstream demand and selective cracker restarts produced uneven offtake, constraining sustained price momentum.
MEA
鈥� In Saudi Arabia, the Naphtha Price Index rose by 2.25% quarter-over-quarter, reflecting crude support and exports
鈥� The average Naphtha price for the quarter was approximately USD 545.67/MT, reflecting FOB trade consistently
鈥� Naphtha Spot Price showed volatility driven by Brent movements, supply tightened by refinery run cuts
鈥� Naphtha Price Forecast indicates modest upside term, supported by seasonal Asian demand and refinery maintenance
鈥� Naphtha Production Cost Trend tracks crude, with crude elevating cost base and squeezing cracker margins
鈥� Naphtha Demand Outlook remains regionally mixed as Asian cracker restarts offset weaker European polymer consumption
鈥� Naphtha Price Index movements reflected inventory buffers and export programs China, Japan, and Southeast Asia
鈥� 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?
鈥� Crude oil softened in September, reducing feedstock cost support and exerting downward pressure on FOB values
鈥� Saudi crude exports to China fell, tightening refinery feedstock and lowering naphtha yields, lifting FOB scarcity
鈥� Regional inventory builds and moderated downstream demand balanced upward pressure, keeping Naphtha Price Index range-bound
South America
鈥� In Brazil, the Naphtha Price Index fell by 9.31% quarter-over-quarter, driven by weaker crude imports.
鈥� The average Naphtha price for the quarter was approximately USD 470.67/MT, reflecting EXW Rio de Janeiro market.
鈥� Naphtha Spot Price volatility narrowed mid-quarter as domestic refinery throughput and inventories moderated market reactions.
鈥� Naphtha Price Forecast projects mild upside near-term, contingent on crude recovery and limited import cargoes.
鈥� Naphtha Production Cost Trend showed softer feedstock costs mid-quarter, though FX pressures sustained import premiums.
鈥� Naphtha Demand Outlook remains cautious as petrochemical offtake was subdued, with converters maintaining hand-to-mouth purchasing.
鈥� Naphtha Price Index movements reflected tight terminal stocks late September, constraining spot tonnes for export.
鈥� 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?
鈥� Reduced crude benchmarks lowered feedstock costs, but local FX depreciation kept imported naphtha relatively expensive.
鈥� Terminal stocks fell below comfort bands, creating short-cover dynamics that tightened prompt Naphtha availability regionally.
鈥� Domestic petrochemical demand softened amid cautious downstream buying, reducing sustained offtake despite occasional refinery disruptions.
For the Quarter Ending June 2025
North America听
鈥� The Naphtha Price Index (FOB Texas) recorded a quarterly decline of -3.2% in Q2 2025, closing July near USD 624/tonne, with diminished regional demand from steam crackers and limited gasoline blending activity.
鈥� Why did the price of Naphtha change in July 2025?听
The price of Naphtha in July dipped due to weaker crude oil benchmarks and limited recovery in the petrochemical sector amid soft gasoline margins.
鈥� Domestic production remained steady, but inventories were high, pressuring spot prices.
鈥� No significant logistics disruptions were reported, with FOB operations from Texas ports proceeding smoothly.
鈥� Naphtha Demand Outlook for Q3 suggests a modest uptick as refiners anticipate stronger gasoline blending needs heading into late summer, but petrochemical pull remains capped.
鈥� Naphtha Production Cost Trend was slightly downward, aided by cheaper crude feedstock, but margins remain narrow.
鈥� The Naphtha Spot Price is expected to hover within a stable range of USD 620鈥�640/tonne FOB Texas in Q3, barring major crude disruptions.
Europe
鈥� The Naphtha Price Index (FOB Rotterdam) dropped by -2.8% in Q2 2025, with prices averaging around USD 671/tonne in July.
鈥� Why did the price of Naphtha change in July 2025?
Prices weakened in July due to easing Brent crude levels and sluggish demand from European olefin producers, especially as regional crackers operated at reduced rates.
鈥� Demand from the gasoline blending sector was stable but not sufficient to offset declines in petrochemical consumption.
鈥� In the Netherlands, inventories built up due to increased imports and lower offtake, weighing down prices.
鈥� Naphtha Production Cost Trend eased alongside crude values, but downstream crack margins were under pressure due to oversupply and limited ethylene margins.
鈥� The Naphtha Demand Outlook remains cautious for Q3 2025, with demand from the chemical sector expected to remain subdued, though blending might support some recovery.
鈥� Forecasts suggest FOB Rotterdam prices may stay range-bound around USD 665鈥�680/tonne in Q3, barring a sharp crude rebound.
APAC听
鈥� The Naphtha Price Index (CFR Tokyo) fell by -4.6% in Q2 2025, closing July near USD 661/tonne, marking the steepest regional decline among global hubs.
鈥� Why did the price of Naphtha change in July 2025?
Naphtha prices dropped sharply in July due to aggressive discounting from Middle Eastern exporters, reduced downstream ethylene profitability, and surplus inventory in Japan and South Korea.
鈥� High inbound volumes from Saudi Arabia and India led to oversupply, particularly in Japan鈥檚 ports, where tank utilization reached multi-month highs.
鈥� Spot Price pressure intensified as steam crackers in South Korea and Taiwan operated at curtailed rates amid soft polymer demand.
鈥� Naphtha Production Cost Trend remained low, tracking feedstock crude, but regional producers faced compressed spreads and poor economics.
鈥� The Naphtha Demand Outlook for Q3 remains weak, as no significant uptick in downstream derivative production is expected. Margins are expected to remain under strain.
鈥� The price forecast indicates that CFR Tokyo Naphtha may slide further to USD 650/tonne, unless Chinese downstream demand unexpectedly rebounds.
Middle East & Africa 鈥� FOB Jeddah (Saudi Arabia)
鈥� The Naphtha Price Index (FOB Jeddah) averaged USD 634/tonne in July, down -2.4% over Q2 2025, amid soft international pull and crude oil corrections.
鈥� Why did the price of Naphtha change in July 2025?
July saw lower Naphtha prices due to reduced export demand from Asia, especially Japan and South Korea, combined with weaker Brent-linked benchmarks.
鈥� Supply was ample as Saudi refiners continued high utilization levels; export volumes remained stable, but demand from Asia and Africa softened.
鈥� Logistics remained unaffected, with major export routes to Asia and India flowing normally.
鈥� Naphtha Production Cost Trend was marginally lower in July, but Middle Eastern producers faced competitive pressure from Indian-origin cargoes.
鈥� The Naphtha Spot Price faced downtrend pressure due to growing inventories at destination ports like Singapore and Tokyo.
鈥� The Naphtha Demand Outlook for Q3 points to a possible rebound in Indian and Chinese imports by late August, but short-term sentiment remains bearish.
鈥� Forecast: FOB Jeddah prices are likely to average USD 625鈥�635/tonne, under competitive strain from other exporting hubs.
