In our latest naphtha market commentary:
> RBOB TA arb shuts further over the week, increasing pull on external barrels to divert into ARA
> EBOB spreads very much in “empty your tanks” mode, but strong prompt likely going further down the curve than necessary
> ARA hoarding barrels and emptying tanks is setting up the conditions for Q4 strength in both the USGC and Singapore markets
> A negative E/W through both Q4 and Q1-2024 is looking increasingly detached from the fundamentals, even given redirection of Russian volumes and new EoS capacity
