Onyx Research

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

Naphtha Report: Boogy on the Buy-side

1 min read
Logistics and import export Theme of Stockmarket and financial economic background

We continue to see strength across the naphtha complex, although we appear to now be approaching the dangerous realm of potential buy-side saturation with rising selling in naphtha cracks in Europe, alongside selling in the E/W.

Open interest in the M1 naphtha E/W fell by 4.2% to 9.6mb, 5.74% below the 5-year average for this time of the year. In freight, the M1 TC5 freight plummeted this week, declining from $51.95/mt on 17 June to $46.85/mt on 28 June. Finally, a correlation analysis highlighted that gasnaph correlations turned significantly negative, with the correlation between gasnap and the NWE naphtha crack and MOPJ crack flipping from positive to negative.

    Subscribe to Edge to unlock this Research

    Edge is the proprietary research arm of Onyx: the #1 liquidity provider of oil futures
    OR

    Share on

    Traders also read...

    Follow Us

    Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.