In our latest naphtha market commentary:
> Spreads and cracks soar after a weak start to the year, but physical premiums remain flat, possibly topping out
> NWE renewed strength to compete with Asia for Med barrels, lower TC6 supports keeps the product in the West
> TC15 keeps strong on Red Sea tensions, spread with TC2 and TC6 could widen further
> US to send more barrels abroad on the back of cheaper C5 and freight
