In our latest naphtha market commentary:
> Summer naphtha cracks, time spreads attempting recovery but will remain under near-term pressure amid flagging gasoline complex, steam crackers turnarounds
> Summer Asian propane-naphtha swaps unseasonably tight but should revert to historical norms as regional PDH margin pressure mounts
> Softer NWE naphtha threatens incremental Med cargoes in July; incremental Algerian barrels should increasingly turn east
> US-ARA arb has recently reopened for Q4 with freight doing the heavy lifting to render that route workable again
> New York Harbor still largely unconcerned about resupply given still ample PADD 1 gasoline stocks
