In our latest naphtha market commentary:
> European timespreads collapsed during the week, and contango has been established until the end of the year, signalling no expectations of prompt tightness for the time being
> E/W cooled off $3/mt after a bullish week, attempting to draw barrels eastward potentially on maintenance and geopolitical threats in the Middle East
> Physical premiums are weak in both the northern and southern markets due to sluggish demand for the petchem pool
> HVN rebounds vs OSN in the middle of the week, driven by higher octane prices and Gas/Nap
