In our latest naphtha market commentary:
> Crack and spreads break previous resistance levels in Europe, climbing to one-month highs due to the improvement in regional demand
> E/W remains bearish as Asia indicates it doesn’t need further European product for April deliveries
> The strength of European demand and collapse of the arbitrage to Asia are being reflected in a freight market where TC6 keeps hitting new highs
> The significant drop in gas-nap is impacting blending economics, while aromatic components continue to rise, indicating a bearish turn in the market
