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European Naphtha Crude Discounts to Widen Further

OIL PRODUCTS

Northwest Europe and Med naphtha discounts to crude are expected to widen in November once planned refinery maintenance ends, according to Bloomberg citing a Kpler report.

  • On Oct. 25, FGE reported that Europe’s naphtha market faces demand pressure amid weak petchem cracking appetite and lower gasoline blending demand.
  • Meanwhile, Russian flows heading East by default has cut the pull from Asia on barrels originating in other parts of Europe.
  • However, with simple refinery margins slowly shifting deeper into the red in the region, some naphtha output will be curtailed as we move deeper into Q4,” the Kpler report released Oct. 26 said.
  • This puts “a floor to the downside for otherwise dire naphtha fundamentals over the winter,” the report added.
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