Spreads tumble though Asia remains in backwardation, Gas-Nap narrows as a potential demand side bright spot amid RBOB weakness

In our latest naphtha market commentary:

> European spreads touch contango in the prompt and physical premiums went negative for OSN in NWE

> Gas-Nap and RBOB/MB5 bottomed during the week on the only fresh signal of higher demand, after one month of falling

> Volatility in an E/W spread could presents opportunities for the Asian market to attract European cargoes

> Weak RBOB kept the arb open to Asia, where heavy qualities remain in demand