Europe leads the strength on the naphtha market while Asia pushes E/W as both compete for Mediterranean barrels

In our latest naphtha market commentary:

> Europe leaves behind negative physical premiums, pulling more MED OSN barrels and increasing spreads and cracks on a stronger market 

> More blending activity in NWE pushes heavy naphtha higher as well, closing the spot opportunity to send it to NYH  

> Weaker RBOB reopens the arbitrage from USGC to Asia for heavy qualities, while light sweets remained firm 

> E/W added another $2/mt during the last week to settle at the highest values since August