In our latest naphtha market commentary:
> Softer global naphtha cracks, collapsing time spreads rendering several routes unworkable in the near term
> Rebounding East-West spread, slim declines in Med pricing have opened opportunities for opportunistic Med cargoes to head East
> Improving Asian sales prices might be stymied by returning Asian refinery output from June
> Weaker European gas-nap has largely come from declining EBOB, although rapidly drying up outlets for ARA naphtha should soon impact prices
> Resilient US prices keep exports uncompetitive; NYH still seemingly unconcerned about resupply given rising PADD 1 gasoline stocks
