Naphtha witnessed a fortnight of two halves – we initially saw sentiment crack amid a decline in petchem buying. However, the complex strengthened over the past week, with the August MOPJ crack surpassing the -$5.50/bbl mark on 16 July.
However, we see rising concerns about oversaturation across the prompt tenors. For instance, the M1 MOPJ flat price contract is now only 8% shy of its 5-year maximum.
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