In our latest naphtha market commentary:
> A slight rebound in sales prices in Asia, coupled with the decline in FOB values in Europe, opened up arbitrage opportunities to Asia during the week
> The significant rebound in time spreads continues, surpassing the levels seen at the end of March, while cracks also improve amid the correction in crude
> Stronger US market closes export opportunities to Europe, dragged down by stock declines in PADD 1
> The correction in East/West differentials and the uptick in freight rates have once again closed the arbitrage opportunity to Asia
> Further opportunities are expected to arise during Q2 as the arbitrage forward curve improves
