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Naphtha
Naphtha is a light, volatile fraction of crude oil used as a feedstock for petrochemicals and gasoline blending. It occupies the lighter end of the distillation spectrum.
In oil trading, naphtha pricing is influenced by refinery yields, regional demand, and shipping constraints. It is commonly transported by tanker and stored in terminals for blending or chemical use.
Refineries often optimize naphtha production based on margin analysis against heavier products. Traders use crack spreads to assess profitability relative to crude input costs.
Understanding naphtha dynamics is important for both refining economics and derivative hedging strategies.