In our latest naphtha market commentary:
> Crack spreads experienced the largest correction of the year as Brent crude prices climbed and April points to a less tight naphtha balance
> Physical prices remain well supported, but paper values are under pressure due to a beginning of Q2 balance less tight than expected
> Red Sea arbitrage to Europe has contributed to the market's drop and the arbitrage is close to opening again for deliveries in May
> Gas-nap has reached new highs driven by strong gasoline complex with the heavy naphtha arbitrage remaining open from NWE to NYH
