Global naphtha markets saw significant divergence at the end of November 2025 as the strength of the US market compared to the relatively steady to weaker markets of Asia and Europe. The divergence arose from different shifts in crude oil fundamentals, gasoline blending, refinery economics, and petrochemicals that affected markets since naphtha is produced directly from crude distillation and is thus affected quickly by changes in feedstock inventories, costs of crude oil, and refinery operating schedules. The US market became tighter due to increasing blending requirements from the gasoline pool, low inventories of crude oil, and an increase in seasonal requirements for lighter grades. However, high refinery utilization and poor global margins in petrochemicals limited export interest. Asia had tight physical supply, but had a weaker downstream demand, while Europe remained subdued due to large inventories of naphtha available. Geopolitical risk and changes in crude oil fundamentals also complicated the occurrence of these trends.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
