In our latest naphtha market commentary:
> Timespreads inched higher during the week with strong backwardation for Q1, especially in Asia
> Strong premiums in NYH have opened the arb to bring heavy cargoes from NWE
> MED HFRN will keep pointing East while lighter qualities could follow the same path on weaker blending economics in NWE
> Pressure on Gas-Nap will remain with remain on weaker EBOB on a better outlook for Nap arbs
