Naphtha futures have eased to around the $680 per tonne level, as investors continued to evaluate geopolitical risks in the Middle East. Notably, the recent escalation of tensions between Iran and Israel did not lead to a wider conflict in the region that could impact oil supplies. On the demand side, global economic uncertainties and concerns over prolonged high interest rates from the US Federal Reserve have also weighed on the demand outlook. Nonetheless, prices are anticipated to stay relatively elevated, remaining close to the 18-month peak observed on March 18th. The US House passed new sanctions targeting Iran's oil sector, expected to be included in a foreign-aid package, specifically aiming at shippers and refiners of Iranian crude oil. Also, Ukrainian strikes on Russian refineries have affected one of the world's largest exporters, resulting in a roughly one-third decrease in total exports.
Naphtha increased 54.31 USD/T or 8.56% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Naphtha reached an all time high of 1180.47 in July of 2008. Naphtha - data, forecasts, historical chart - was last updated on April 26 of 2024.
Naphtha increased 54.31 USD/T or 8.56% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Naphtha is expected to trade at 694.82 USD/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 730.42 in 12 months time.