In our latest gasoline market commentary:
> TA Arb closes as rising MR freight rates shut down the opportunity for non-refiner barrels
> TA Arb closes as rising MR freight rates shut down the opportunity for non-refiner barrels
> Naphtha weakness continues to boost volumetric availability for the gasoline market, providing a ceiling for gasoline cracks
> The demand-side weakness that is prompting dramatic supply-side interventions in the crude market remains well off the radar for the gasoline market, although any rise in pump prices may tamper bullishness here
> With the gasoline complex plateauing, naphtha blending margins have also hit a support limit. As such, we would expect naphtha to continue to struggle for the time being with the gasoline complex having now lent all the support it can as the market waits for the petchem balance to turn around
