Europe LPG-based cracker margins drop, naphtha-based stay flat
European contract cracker margins based on liquefied petroleum gas (LPG) fell week on week on higher feedstock costs and lower ethylene prices.
Margins for naphtha-based crackers were largely flat.
In the week to 18 October:
- Naphtha values fell by less than 1%
- LPG costs rose by 2%
Naphtha-based contract margins decreased by less than 0.5%, co-product credits were flat:

LPG-based contract margins fell by 4%, co-product credits were flat:

Contract margins by feedstock:

Spot margins by feedstock:

Spot naphtha-based margins fell by 10%.
Spot ethylene prices decreased over the last week as demand was low and supply remained ample, with further cracker re-starts expected after the recent maintenance period comes to an end.
Co-products credits remained flat.
Demand was weak across all derivatives and sources reiterated that there is unlikely to be any real improvement given the time of year.
2026-10-22
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