Crude oil and naphtha prices surged after Russia launched war again Ukraine

Crude oil and naphtha prices surged after Russia launched war again Ukraine. On top of that, petrochemicals increased but the rises were less than that of oil and naphtha. Brent for May delivery was $112.67 a barrel and CFR Japan naphtha price was around $1,019.6/mt. Naphtha crack reached around $305/mt in early March, hitting around 10 years high. However, ethylene-naphtha spread has narrowed to around $177/mt, and propylene-naphtha spread to around $172/mt. Margins for olefin downstream products also turned negative. As a result, some naphtha steam crackers have lowered operating rate