Summary of Quotes
| Product | Delivery Basis | Price on May 1 ($/mt) | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE | 1202.25 | +56.75 |
| Eurobob Barges | FOB Rotterdam | 1139.00 | +56.75 |
| Gasoline 92 unleaded | FOB Singapore | 134.27* | +8.52* |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1328.25 | -4.75 |
| ULSD | CIF Med | 1295.00 | -30.00 |
| ULSD | FOB Med | 1257.25 | -19.50 |
| Gasoil 10 ppm | FOB Arab Gulf | n/a | n/a |
| Gasoil | FOB Singapore | 178.67* | +15.67* |
| Jet Fuel | |||
| Jet | CIF NWE | 1449.25 | -80.00 |
| Jet | FOB Med | 1379.25 | -61.25 |
| Naphtha | |||
| Naphtha | CIF NWE | 972.75 | -5.75 |
| Naphtha | FOB Med | 891.25 | +16.50 |
| Naphtha | FOB Arab Gulf | n/a | n/a |
| Naphtha | FOB Singapore | 128.56* | +15.91* |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 633.50 | +18.25 |
| HSFO 3.5% | FOB Med | 597.75 | +17.25 |
* — price is indicated in $/bbl.
Regional Analytical Overview
Northwest Europe (NWE)
The gasoline market in NWE showed significant growth amid active exports to the Atlantic Basin regions. The decline in inventories in the Antwerp-Rotterdam-Amsterdam (ARA) hub further stimulated the price rally. Stability was observed in the naphtha sector: physical demand remained high both from petrochemical plants and from gasoline producers for blending processes. However, the diesel fuel market began to soften by the end of the week due to increased refining volumes and a steady influx of imported cargoes, which led to a decrease in quotes relative to the peak values at the beginning of the week.
Mediterranean (Med)
The Mediterranean market was characterized by an oversupply of gasolines, which put pressure on local differentials, despite the growth of absolute prices following global benchmarks. In the middle distillates segment, the situation was different: 0.1% gasoil supplies remained limited, as regional refineries prioritized the production of ultra-low sulfur diesel (ULSD). High demand from North African countries supported the gasoil premium in the region. The fuel oil (HSFO) market showed moderate growth, supported by stable bunker demand and a limited supply of heavy fractions.
Russia and CIS
Incidents at oil refineries became a key factor in the Russian market. The focus was on the Tuapse refinery, where a major fire broke out after a drone attack on the night of April 28, taking more than two days to extinguish. This event heightened concerns regarding the stability of light petroleum product supplies. A gasoline deficit (especially AI-95) persisted in the domestic market amid a seasonal increase in consumption, while the supply at exchange trading remained limited. A positive factor for logistics was the opening of river navigation on the Neva, which should simplify fuel distribution during the summer period.
West Africa (WAF)
The region continues to demonstrate high dependence on European imports. The total volume of diesel fuel imports to West African countries reached the 1 million ton mark by early May. Prices in key ports, such as Lomé (Togo), tracked European quotes factoring in a logistical premium. Activity in the gasoline segment remained stable, with market participants closely monitoring changes in China’s export quotas, which could affect the availability of alternative volumes.
Global Factors
Global oil product markets remained under the influence of ongoing geopolitical tensions in the Middle East. The conflict continues to support high crack spreads for middle distillates due to fears of supply disruptions through the Red Sea. An additional factor was the decision of the Chinese authorities to allow the export of about 500 thousand tons of petroleum products in May, which could potentially ease the deficit in Southeast Asia and affect arbitrage flows towards Europe. In the US, an increase in gasoline inventories on the Atlantic Coast was observed, which somewhat restrained the growth of global prices in the middle of the week.