At present, affected by the extension of China's oil refining industry to the chemical industry, the overall development of the naphtha industry is still in an expansion cycle, the contradiction between supply and demand is relatively large, and there is a certain supply gap. However, as an intermediate raw material-grade product, naphtha has a strong attribute of self-produced and self-used or mutual supply within the group. Most of the products are concentrated in the "three barrels of oil" system, and market liquidity is relatively poor. Because of this, the main players in the naphtha market are relatively stable. From a policy perspective, naphtha-related policies have been relatively mature and stable, and their impact on naphtha market fluctuations is relatively small