Summary Table of Quotes
| Product | Delivery Basis | Price April 24 ($/mt) | Weekly Change ($) |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE | 1135.00 | +81.75 |
| Eurobob Barges | FOB Rotterdam | 1071.75 | +81.75 |
| Gasoline 92 unleaded | FOB Singapore | 126.52* | +7.85* |
| Prem Unl 10 ppm | FOB Med | 1107.25 | +87.50 |
| Prem Unl 10 ppm | CIF NWE | 1135.00 | +81.75 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1292.50 | +168.50 |
| ULSD | CIF Med | 1308.00 | +79.50 |
| ULSD | FOB Med | 1259.75 | +74.00 |
| Gasoil 10 ppm | FOB Arab Gulf | 165.21* | — |
| Gasoil | FOB Singapore | 167.39* | +12.32* |
| Jet Fuel | |||
| Jet | CIF NWE | 1548.25 | +131.00 |
| Jet | FOB Med | 1459.50 | +120.75 |
| Naphtha | |||
| Naphtha | CIF NWE | 985.00 | +121.75 |
| Naphtha | FOB Med | 881.25 | +109.75 |
| Naphtha | FOB Singapore | 117.91* | +11.88* |
| Naphtha | FOB Arab Gulf | N/A | — |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 601.00 | +46.25 |
| HSFO 3.5% | FOB Med | 566.00 | +45.75 |
* — Singapore and Persian Gulf prices are specified in $/bbl.
Regional Analytical Review
Northwest Europe (NWE): The NWE diesel market demonstrated a sharp rise amid the strengthening of gasoil futures and ongoing geopolitical uncertainty. ULSD CIF NWE quotes rose by more than $168 per metric ton, despite reports of the market being well-supplied by imports from the US. The jet fuel sector was characterized by a drop in ARA hub inventories by 3.1% to a new six-year low (579,000 tons), which supported physical premiums. A supply deficit was observed in the naphtha market: high demand from the petrochemical industry and gasoline producers kept cargoes within Europe, limiting exports to Asia. At the same time, demand for HSFO remained extremely low, and a 6.7% increase in ARA stocks confirmed regional oversupply.
Mediterranean (Med): Prices in the Mediterranean followed the overall bullish trend; however, the Med to NWE diesel differential began to narrow, dropping to $15.50 per metric ton by the end of the week. The 0.1% gasoil market remained volatile, supported by demand from North African countries for power generation needs. Increased tension is expected in the gasoline sector, as the rising cost of naphtha makes blending more expensive, restricting the availability of the finished product. The heavy fuel market in the Med region is estimated to be balanced while maintaining stable flows.
Russia and CIS: The key negative factor was the large-scale drone attacks on the Samara group of refineries over the past weekend, which led to the suspension of exchange sales of oil products by the Syzran and Novokuibyshevsk plants. This triggered further tightening of gasoline supply in the Russian domestic market. Despite internal difficulties, Russian diesel fuel continues to actively flow into West African markets. In Kazakhstan, a decision was made to extend the export ban on certain types of fuel to ensure domestic needs.
West Africa (WAF): The region is facing a severe supply crisis due to the lack of import permits in Nigeria and a sharp rise in global prices. Flight disruptions have been recorded in Nigeria due to a shortage and the critical cost of jet fuel. The diesel market in Lome (Togo) traded at high premiums ($180–$200 per metric ton over ICE LSGO), with Russian barrels beginning to replace traditional flows in this direction.
Global Factors: The main driver of volatility remains the situation around the Strait of Hormuz, whose repeated closure over the weekend caused a spike in quotes. The conflict between the US and Iran continues to put pressure on the market structure, supporting a state of backwardation. An additional influencing factor was China’s decision to allocate new quotas for the export of oil products in the volume of 500,000 tons for May, which could redirect some European blending components to Asia.