On February 4, the CFR Japan price for naphtha was $598.25 per ton, and the ethylene-naphtha processing spread was -$153.25 per ton, a decrease of $14.50 per ton month-on-month.
PriceSeek analysis on naphtha, Bull-Bear Score: -1
The CFR Japan price for naphtha was $598.25 per ton, and the ethylene-naphtha processing spread decreased by $14.50 per ton month-on-month to -$153.25 per ton. The widening loss indicates a decline in downstream ethylene production profitability, which may suppress naphtha demand and exert downward pressure on naphtha spot prices.

Ethylene, Bull-Bear Score: 1
The ethylene-naphtha processing spread widened negatively to -$153.25 per ton, a decrease of $14.50 per ton month-on-month. The deepening losses may prompt producers to reduce output, thereby decreasing market supply and supporting an increase in ethylene spot prices.