In our latest naphtha market commentary:
> The European market continues to rise with gains in timespreads and cracks, driven by tighter pro-nap, stronger petrochemical demand and a rebound in blending that does not appear to have long-term sustainability
> The Asian market, however, anticipates a potential correction that could also impact the West, with declines in physical premiums and reduced backwardation in the prompt
> These dynamics have closed any short-term arbitrage opportunities to Asia, contributing to the relaxation of European market premiums in the short term and setting a ceiling on the recent escalation in paper
> The economics for the arrival of European cargoes to NWE continue to improve due to the rise in LVN selling prices in Europe, which could lead to imports from the Gulf in the short term
