Summary Price Table
| Product | Basis of Delivery | Price April 2 ($/mt) | Weekly Change ($) |
|---|---|---|---|
| Gasoline | |||
| Gasoline 10 ppm | CIF NWE | 1122.75* | +53.25 |
| Eurobob Barges | FOB Rotterdam | 1059.50 | +2.75 |
| Gasoline 92 unleaded | FOB Singapore | 138.46** | - |
| Prem Unl 10 ppm | FOB Med | 1090.50* | +53.25 |
| Prem Unl 10 ppm | CIF NWE | 1122.75* | +34.00 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1613.50* | +205.75 |
| ULSD | CIF Med | 1617.25* | +214.75 |
| ULSD | FOB Med | 1571.50* | +221.00 |
| Gasoil 10 ppm | FOB Arab Gulf | 134.05** | - |
| Gasoil | FOB Singapore | 190.90** | - |
| Jet Fuel | |||
| Jet | CIF NWE | 1842.50* | +191.75 |
| Jet | FOB Med | 1758.25* | +203.00 |
| Naphtha | |||
| Naphtha | CIF NWE | 1007.75* | +62.00 |
| Naphtha | FOB Med | 909.50* | +75.25 |
| Naphtha | FOB Singapore | 141.71** | - |
| Naphtha | FOB Arab Gulf | N/A | - |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 663.00* | +20.25 |
| HSFO 3.5% | FOB Med | 627.50* | +16.50 |
* — calculated price in USD based on the EUR/USD cross rate (1.1511) as of April 2.
** — prices for Singapore and the Arab Gulf are indicated in $/bbl as of March 31.
Regional Analytical Review
Northwest Europe (NWE): The European naphtha market strengthened significantly by April 2: a sharp spike in flat prices and prompt spreads was recorded, despite a slight weakening of crack spreads. Traders note that supply disruptions are currently outpacing the decline in demand. In the diesel sector, the key event was the start of the transition to summer grade specifications in Germany from March 31, which will be fully reflected in assessments by April 10. The fuel oil market remains well-supplied, while arbitrage opportunities for VLSFO shipments to Asia have opened up, supported by stable production at European refineries.
Mediterranean (Med): Prices in the region followed the general bullish momentum, fueled by geopolitical risks. Naphtha assessments in the Med were calculated as a freight netback from NWE prices. The middle distillates market (diesel and jet fuel) showed the most significant growth — over $200 per metric ton over the week, driven by a reduction in barrel inflows from the Middle East. Refiners in the Mediterranean are actively seeking alternative feedstock (VGO) to maximize diesel production.
Russia and CIS: The main event of the week was the introduction of a complete ban on gasoline exports from the Russian Federation starting April 1, which is tentatively scheduled to last until the end of July. This led to a drop in wholesale prices on the domestic market, despite ongoing high demand due to recent drone attacks on refining infrastructure. Nevertheless, Russian diesel fuel continues to be actively exported, and shipment volumes from the ports of Primorsk and Novorossiysk remain stable despite logistical challenges.
West Africa (WAF): The region is facing an intensifying supply deficit. Nigeria has completely exhausted its gasoline import quotas of 180,000 metric tons, forcing traders to seek new sources of supply amid high volatility. Gasoline and diesel prices at the port of Lome follow European benchmarks, with premiums remaining high due to shipping risks. Main alternative flows to the region are now expected from US Gulf Coast refineries.
Global Factors: Global markets are under heavy pressure from the ongoing conflict in the Middle East, which triggers concerns over the safety of shipping through the Strait of Hormuz. This has caused oil product inventories at the Fujairah hub (UAE) to drop to their lowest level since September. An additional volatility factor was the US decision to temporarily alter the parameters of certain military missions in the region, forcing market participants to price a high risk premium into the quotes of all light oil products.