In our latest naphtha market commentary:
> AG's and Russia lower exports shape market trends with all eyes on Q1 TA’s
> Asia shows no respite, surge physical premiums and E/W spread ensures the opening of arbitrage opportunities from Europe
> The decline of Gas-Nap drags down European blending premiums while arb to NYH closed in the promt
> Year-end fundamentals suggest caution as significantly higher values may not materialise is arb is filled
