In our latest naphtha market commentary:
> MOPJ naphtha prices at risk of further softening as Asian petchems demand retraces amid weaker cracker margins
> Extension of Asian cracker maintenance, willingness to shut down units amid lingering petchems margins weakness a key risk
> Previous ARA naphtha price support from low downstream inventories and Asian imports is eroding
> Near-term bearish European gasoline outlook presents further downside risk for regional naphtha
> E/W to remain wide but unlikely to overtake record highs seen in the immediate aftermath of Russian sanctions in 2023
> USGC, NYH prices to soften further amid lacklustre domestic and international demand
