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The Asian benzene-to-naphtha spread fell below $150 per metric ton, moving into negative territory for the first time since August 11. Benzene prices dropped as crude oil retreated on renewed diplomatic efforts over Iran, while naphtha stayed firm on freight costs and Middle East supply concerns.
The spread is a petrochemical margin indicator with no direct link to feed grains or protein. Lower crude prices may ease energy and freight costs for feed producers at the margin.
opis.comNov 2, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
