In our latest naphtha market commentary:
> Red Sea arb to Europe opens for April deliveries after recent rally in NWE paraffinic naphtha
> Weaker Asian paper market to persist despite rising physical premiums as several regional steam crackers extend turnarounds amid strong Middle East resupply
> Q2 pro-nap swap will narrow; Asia to remain unattractive destination for Western cargoes
> Strong RBOB complex, upcoming East Coast refinery turnaround opens the arb for NWE heavy naphtha to NYH
> USGC naphtha to come under pressure from lower Canadian demand; weaker FOBs, declining freight could reopen arb to LatAm
