In our latest naphtha market commentary:
> West to East arb outlook keeps mirroring with E/W cautiously bearish and physical prices more bullish in Europe than in Asia
> The European market is also resuming its upward trend after the correction at the end of June, driven by renewed blending demand and new petrochemical interest for 2H
> Reversal arb from the Red Sea to NWE improves quickly and doesn't seem like a chimera for August deliveries, might help reverse Western price escalation
> Intra-European dynamics shows a pricing imbalance between the MED and the North that could add more pressure on TC6 and force MED pricing correction
