Summary Table of Quotes
| Product | Basis of Delivery | Price April 17 ($/t) | Weekly Change ($) |
|---|---|---|---|
| Gasoline | |||
| Gasoline 10 ppm | CIF NWE | 1009.25* | -89.00 |
| Eurobob Barges | FOB Rotterdam | 946.00* | -89.00 |
| Gasoline 92 unleaded | FOB Singapore | 118.25** | -4.30** |
| Prem Unl 10 ppm | FOB Med | 986.00 | -71.25 |
| Prem Unl 10 ppm | CIF NWE | 1009.25* | -89.00 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1091.00* | -291.75 |
| ULSD | CIF Med | 1197.00 | -205.50 |
| ULSD | FOB Med | 1158.25 | -200.25 |
| Gasoil 10 ppm | FOB Arab Gulf | 162.95** | -2.75** |
| Gasoil | FOB Singapore | 146.75** | -3.93** |
| Jet Fuel | |||
| Jet | CIF NWE | 1324.00* | -263.25 |
| Jet | FOB Med | 1252.50 | -254.00 |
| Naphtha | |||
| Naphtha | CIF NWE | 820.50* | -117.50 |
| Naphtha | FOB Med | 737.25 | -106.50 |
| Naphtha | FOB Singapore | 877.50*** | -42.25*** |
| Naphtha | FOB Arab Gulf | 850.00 | -36.35 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 544.25 | -64.50 |
| HSFO 3.5% | FOB Med | 509.75 | -64.50 |
* — calculated price based on the EUR/USD cross rate (1.1805) due to the absence of direct USD data for April 17 in the source.
** — prices for Singapore and the Arab Gulf are in $/bbl.
*** — CFR Japan swap price is indicated.
Regional Analytical Overview
Northwest Europe (NWE): The week ended with a sharp collapse in prices for all types of fuel. The key event was the news of the resumption of shipping through the Strait of Hormuz, which instantly removed the geopolitical risk premium. In the naphtha market, a decline in crack spreads and time spreads was recorded against the backdrop of falling crude oil. Naphtha stocks in the ARA hub decreased by 13.86% over the week, but this did not stop prices from falling. In the middle distillates sector (diesel and jet fuel), the most pronounced downturn was observed, while jet fuel premiums remained relatively high due to low imports into the region, reaching a minimum since 2022.
Mediterranean (Med): Prices in the Mediterranean followed the pan-European trend, losing more than $200 per ton of diesel over the week. In the first quarter, Greek refineries reduced capacity utilization to 81%, which somewhat limited local supply. Nevertheless, the HSFO market is assessed as “long” (oversupplied), despite supply disruptions from the Middle East. Activity in the region’s bunkering sector remained weak, and product availability was sufficient.
Russia and CIS: The situation with supply on the domestic market of the Russian Federation remains tense. The main factor is the season of spring refinery turnarounds, which forces buyers to actively stock up on fuel. The shortage of high-octane gasoline (AI-95) is becoming more pronounced against the backdrop of growing demand, while the situation for low-octane grades (AI-92) has stabilized. On exchange trading, prices remain at high levels, despite the negative external environment.
West Africa (WAF): The WAF market showed high volatility. At the beginning of the week, differentials in Lomé (Togo) rose sharply due to the US blockade of Iranian ports, but by the end of the period, the situation normalized. Traders report that premiums on Dangote jet fuel rose by $50/t relative to Europe, and US Gulf Coast refineries are becoming the main alternative sources of diesel and jet fuel supply to the region.
Global Factors: Global markets entered a correction phase. The decision of the US President to suspend the “Project Freedom” military mission in the Strait of Hormuz and progress in peace talks between the US and Iran triggered massive sell-offs in futures. Brent crude oil lost value, dragging down the entire line of oil products. Global demand for air travel shows signs of recovery, but the surplus of physical barrels in key hubs is currently neutralizing this factor.