In our latest naphtha market commentary:
> The E/W spread has moved lower from yearly highs but the uptrend may not be finished
> Despite rising premiums, cracks and spreads remain stable due to the lack of responses in the Middle East
> Current blending dynamics could push EBOB prices higher, with gas-nap facing $50/mt resistance
> Transatlantic arbitrage improves, suggesting some blending cargoes could head to the US
