[chuckles]

Yeah, let's start with, um, with a summary of the last, the last trading days and weeks.

So we've seen, uh, two very risk sessions, um, um, for the last two days.

But overall, if we look at, uh, the movement in the naphtha market since early October, the market has been trading higher, both on time spreads and cracks in Europe and in Asia, also on the gas differentials, and also on the gas differentials in the US.

So overall, the market has been bullish since, since early October.

And the main driver, well, taking, taking the, the flows that are coming out of the, of the US, the recovery is in line with some other products, but is slightly lower.

So currently, the AE plus Red Sea is exporting two point five million barrels, uh, a month, billion tons, sorry, versus an average of four point five.

What are the, the key things that we need to keep an eye on?

Jorge, can you bring us then to the light distillate picture?

Yeah.

Let's just start with, uh, with gasoline.

The market is well supported in a rebound during the last week, but the main focus is on East Coast right now.

It has skyrocket in the last sessions, and it's positive for October now.

So we will be looking at November contract from now onwards, but October has been positive during the whole week.

The part of the, of this trend is behind the news from China.

Um, let's move on to naphtha and LPG.

How does the market look currently in the West?

Yeah, so let's start with a small review of the U.S., Nick has already shown our vision on it.

But yeah, the market is still biased to the upside.

We saw some correction in the beginning of the week, but prices are higher again.

Our book time spreads.

The stocks remain very low and the managed money net learning positions keep growing.

And if we look at the physical market, so there is no clear mechanism of where the ceiling could be because the TARB is closed due to the strong differential between RBOB and EBOB.

In the European section, you mentioned GASNAP briefly, but any strong movement also on the NAFTA side of that?

Jorge?

Yep.

So we keep saying a very bullish trend.

despite the rumor of a deal and despite Path 3 stocks have climbed during the last couple of weeks.

So the situation remains extreme in the gasoline market.

And as you say, we've seen some improvement in Path 3 stocks, but overall the picture is really bullish from the stock side.

And we are back to a stronger East-West level.

Do we see the same picture for NAFTA?