In our latest gasoline market commentary:
> European market remains under pressure with timespreads falling $10/mt during the month of May and gas-nap $75/mt lower than April peak
> Weaker components stimulate TA arb, still closed for July and August deliveries but improving 3cpg during the week. A rebound in gas-nap on weaker European naphtha can help to open this arb
> Big drop on the naphtha physical market has been felt down the curve, but prompt paper values still keep trading very strong, maintaining gas-nap downwards trend
> SG barrels point to Saudi Arabia and Australia after increasing blending cost on the AG complex, providing a floor for the Sing complex
