In our latest naphtha market commentary:
> Asia rally persists with Dec/Jan MOPJ spreads pushing close to +8/mt, dragging up NWE paper
> End-year & Q1 E/W still on a downward trend, signalling a squeeze on marginal arb requirements for Q1 from this point on
> OSN arbs eastward still open light naphtha arbs eastward shut partly on tight AG supply
> Some bullishness attributed to lack of Russian arb eastward; that situation should resolve soon
> European gasoline more competitive against Houston; could provide a floor for naphtha blending grades
