In our latest naphtha market commentary:
> European backwardation continues to reach new highs, allowing the East/West box to return to positive values once again
> Blending demand is currently in focus as the gasoline Trans-Atlantic arbitrage and E10 blending margin have opened due to the recent spike in gas-nap
> A new round of drone attacks on Russian refineries worsens the outlook for Russian exports to the East
> US naphtha prices rise with declining inventories, drops in PADD1 and PADD3 gasoline stocks keep pushing up RBOB and NYH naphtha
