In our latest naphtha market commentary:
> The Red Sea blockage continues to push E/W higher after a $13/mt run
> Weaker physical premiums in NWE, except for blending qualities that weather the storm amid the rise in Gas-Nap
> A very different trend in European and Asian spreads takes E/W box to values not seen in over a year
> Arbitrage from USGC raises as its position as alternative supplier to Asian shorts in the near term
