Pumping Venez-oil-a
Oil enters 2026 oversupplied and volatile: geopolitical shocks prop prices, but a looming crude glut points Brent toward a $50s norm.
29 page report
New Year, Same Flow
Naphtha cracks slid into 2026 as East and West spreads fell, with Venezuelan upside capped by ample stocks and crude glut fears.
Published: 5 January 2026
14 page report
Naphtha cracks in the East and the West weakened at the end of 2025, extending the weakness into the new year. The M1 NWE naphtha crack dropped from a high of -$4.20/bbl on 22 Dec to -$5.65/bbl at the time of writing.
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About Naphtha Report
Get a mix of market commentary, flow-based analysis, and prompt insights in this premium weekly report about naphtha markets.