Naphtha futures extended their decline to below $660 per tonne in mid-August, a level not seen since December 2021 and nearly 50% down froth the decade-high of $1,122 hit in early March, tracking the slide for other oil-derived commodities as recession concerns pressured crude oil prices. The decline was exacerbated by poor industrial production data from China for July, pointing to a sluggish restart of economic activity after the strict Covid lockdowns from the second quarter. Bearish pressure was also due to prolonged signals that central banks intend to continue their hawkish momentum to curb surging inflation in major economies.
Historically, Naphtha reached an all time high of 1180.47 in July of 2008. Naphtha - data, forecasts, historical chart - was last updated on August of 2022.
Naphtha is expected to trade at 687.96 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 750.64 in 12 months time.