During mid-January of 2026, the US Naphtha market remained steady due to tightening supplies from severe winter storms and continuing challenges related to geopolitical issues. A winter storm named Fern affected the upstream crude production and refinery operations impacting the availability of straight-run Naphtha, impacting inventories as well. Refiners were cautious in their selling due to uncertainty in their operations, and buyers worked to build up coverage to guarantee prompt supply. Geopolitical issues included decreased Russian export volumes, sanctions against energy entities, and Venezuela no longer purchasing from Russia which added to the US demand for barrels. As a result of high refinery operating costs and high utilization rates, market conditions remained strong regardless of lower international oil benchmarks due to stress on domestic supply and tightness in the crude market.
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.
