Naphtha futures bottomed below the $850-per-tonne mark, a level not seen since February and now roughly 25% below a decade-high of $1,121.72 hit in early March, as bearish demand prospects offset supply concerns related to sanctions against Russia’s oil sector. Putting a floor under prices was signs of a rebound in consumption after China announced the reopening of vital economic hubs as COVID-19 cases dipped across the world’s second-largest economy.
Historically, Naphtha reached an all time high of 1180.47 in July of 2008. Naphtha - data, forecasts, historical chart - was last updated on June of 2022.
Naphtha is expected to trade at 820.26 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 892.44 in 12 months time.