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Condensate & Naphtha Products Coverage

Helping you to make more effective commercial and trading decisions


Key insights and analysis on the Condensate & Naphtha markets

Our coverage of the condensate and naphtha markets explores the special relationship that these two products have with each other to provide detailed supply, demand and trade analysis to help you develop trading, hedging and business strategies that are based on reliable and accurate data and analysis.

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  • Introduction

    The relationship between condensate and naphtha is a special one. Given the naphtha-rich nature of condensates, the price fluctuations of both products are inextricably linked.

    As petrochemical feedstocks, both products remain largely at the behest of the downstream petrochemical markets. Condensate and naphtha are also by-products, often thrown and kicked around by the overarching dynamics of the upstream and refining sectors. That said, both have a special role to play as the energy transition and peak oil demand dynamics throws condensate, naphtha, and other natural gas liquids (NGLs), such as LPG and ethane, into a position of stronger prominence than ever before.

  • Analysis and insights

    The seaborne condensate market is a niche space and is largely dependent on the petrochemical markets in the East. The increase in condensate availability out of Qatar, Iran and Australia, alongside growing demand for aromatic petrochemicals in the Asia Pacific region, saw a build out of condensate splitter capacity in the Asia Pacific region in the late 2000's and the 2010's. The naphtha-rich content of condensate is ideal for petrochemical feedstock use, the availability of a niche product in growing quantities as a by-product of natural gas/LNG production and a lower CAPEX relative to even a simple refinery were key drivers of this phenomenon.

    FGE has been at the forefront of many of these developments, publishing detailed analysis on condensate from when the market was in its early stages of development, to developing short- and long-term detailed reporting on the global supply, demand and trade aspects of the condensate market.

    The naphtha market is another one to watch, and far more complex than it may seem. Lumping the various types of naphtha into one product does little justice to the versatility of the product. Naphtha's end-uses vary widely, with the product being used as a feedstock for steam crackers, condensate/naphtha splitters and oil refineries. Naphtha, too, plays a role in commercial blending as well as a diluent for extra-heavy crudes.

    A distinctive characteristic of FGE's naphtha coverage is the deep-dive on sectoral and grade-by-grade breakdowns for naphtha which are critical for getting a holistic view of the market. Such coverage is available in both our short- and long-term reports.

  • Data analytics

    In our monthly service, we provide detailed information on East of Suez focused condensate export supply and import demand and West-East arb, alongside grade-by-grade trade balances of naphtha in the Asia Pacific region. This comes with and outlook for key prices, spreads and margins (e.g. key condensate differentials, key petrochemical-naphtha spreads, LPG-naphtha spreads and key naphtha grade differentials. Included within the data pack, is outage data for condensate splitters, steam crackers and PX unit. This data pack includes forecasts that span the next 6-months.

    In our long-term condensate annual report you will also receive access to global condensate supply and demand projections to 2040, petrochemical trends in Asia, condensate trade flows into Asia, US and West of Suez condensate outlook, naphtha long-term outlook, regional condensate market dynamics, Middle East condensate outlook, dynamics between crude, condensate, naphtha and petrochemicals.

    For Naphtha, the annual report would include a trade focused global balance projections to 2040 which takes into account grade-by-grade supply and sectoral demand breakdowns. The report taps on FGE’s internal capabilities to highlight trends in refinery capacity, configurations and integrations and the impacts on the naphtha fraction, alongside trends in aromatics, olefins, petrochemical feedstocks. This culminates in a long run view of the global dynamic surrounding naphtha trade and pricing.

  • What you will get

    As part of our condensate and naphtha market coverage, clients will receive regular reports and/or alerts in email or PDF format, regularly updated Excel data sets, direct access to our online client portal, contact with our expert consultants/analysts via email/conference-call/telephone/in-person meetings, invites to complementary market update webinars and ongoing consultations with key members of our NGLs team.

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Key features


Price forecasts for condensate and naphtha


12-months historical and forecast data


Complete coverage of the global condensate and naphtha markets


Analysis of key buyers/sellers in the condensate market


Country-level import/export data for condensate and naphtha


Rapid assessment of events affecting the condensate and naphtha markets

Research & Analysis

Condensate and Naphtha Service

Condensate and Naphtha Service

FGE’s Condensate and Naphtha service dissects and examines the volatile short-term market, to deliver clear, concise and insightful views on the forward market.
Light Distillates Service

Light Distillates Service

FGE’s Light Distillate Service integrates FGE’s supply, demand and trade analysis and expertise across the light end of the barrel, providing unique insights into the critical interplay between gasoline and naphtha.

Data Services

FGE's Oil Online Data System (ODS)

Oil Online Data System (ODS)

FGE’s Oil Online Data Service (ODS) allows clients to flexibly query FGE’s proprietary supply and demand data for crude and refined products at a country or regional level, allowing you to identify potential pressure points and regional flows.

Annual Reports

Condensate Forecast

Condensate Forecast

FGE's detailed assessment of the mid- to long-term outlook for condensates, with forecasts of condensate supply, demand, trade and pricing from now until 2040.
Naphtha Outlook

Naphtha Outlook

FGE's detailed assessment of the long-term outlook for naphtha, including forecasts of trends that will redefine naphtha supply and demand globally out to 2040.
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