The naphtha market extended its upward momentum, with futures hovering at 2-1/2-year highs above the $650 per tonne level and tracking oil prices higher on the back of a much rosier outlook for energy demand. The swift rollout of coronavirus vaccinations worldwide and a gradual reopening of some major economies along with OPEC-led output cuts sparked a buy everything sentiment in energy markets.
Historically, Naphtha reached an all time high of 1180.47 in July of 2008. Naphtha - data, forecasts, historical chart - was last updated on July of 2021.
Naphtha is expected to trade at 698.95 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 786.25 in 12 months time.