In our latest naphtha market commentary:
> European markets loses more than $10/mt on physical premiums, following prior paper correction
> Red Sea arb open to Europe has been a key factor in this weakness, as we have anticipated
> Gas-nap keeps pushing for strong heavy premiums in East and West, sustaining the drop in light grades
> US prices continue to fall in line with the EU market, allowing the arbitrage to remain open for C5s to Europe
