In our latest naphtha market commentary:
> MOPJ & NWE prompt spreads at 1-month highs
> The E/W Nap rally of early Nov has begun to lose steam, particularly in Q1
> Almost all light naphtha arbs closed into Far East likely reflects ample eastbound flows; OSN still wide open
> FEI propane is weakening; boon to naphtha demand from Panama may not materialise
> HOU & ARA heavy naphtha pricing into NYH amid a closed TA gasoline arb
