Panama Canal demurrage leads to an unbalanced heavy market

In our latest naphtha market commentary:

> Heavy naphtha differentials strengthen worldwide

> Panama Canal delays are preventing USGC exporters from taking advantage of higher prices in Asia, instead keeping volumes in the Atlantic Basin

> Europe led the strength on OSN last week, with cracks trading upwards from the -$15/mt bottom of last June, supported by refinery outages across Europe

> After trading sideways, MOPJ and CIF NWE moved back to backwardation along the entire curve on the return of the uptrend of this summer