Summary Table of Quotes
| Product | Delivery Basis | Price May 8 ($/mt) | Weekly Change ($) |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE | 1156.25 | -46.00 |
| Eurobob Barges | FOB Rotterdam | 1093.00 | -46.00 |
| Gasoline 92 unleaded | FOB Singapore | 127.98* | -6.29* |
| Prem Unl 10 ppm | FOB Med | 1125.50 | -12.75 |
| Prem Unl 10 ppm | CIF NWE | 1156.25 | -46.00 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1196.50 | -131.75 |
| ULSD | CIF Med | 1203.25 | -91.75 |
| ULSD | FOB Med | 1170.25 | -87.00 |
| Gasoil 10 ppm | FOB Arab Gulf | N/A | — |
| Gasoil | FOB Singapore | 142.38* | -36.29* |
| Jet Fuel | |||
| Jet | CIF NWE | 1269.00 | -180.25 |
| Jet | FOB Med | 1207.50 | -171.75 |
| Naphtha | |||
| Naphtha | CIF NWE | 894.00 | -78.75 |
| Naphtha | FOB Med | 822.75 | -68.50 |
| Naphtha | FOB Singapore | 109.51* | -19.05* |
| Naphtha | FOB Arab Gulf | N/A | — |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 596.25 | -37.25 |
| HSFO 3.5% | FOB Med | 560.50 | -37.25 |
* — Singapore prices are specified in $/bbl. Comparison is made with quotes as of April 30.
Regional Analytical Review
Northwest Europe (NWE): The week was characterized by a sharp drop in middle distillate prices. ULSD CIF NWE quotes plummeted by more than $130 per metric ton, driven by weakening ICE futures and excessive physical supply. The jet fuel market demonstrated a similar dynamic, losing around $180 per metric ton amid sufficient inventories and an influx of alternative cargoes from the US. In the heavy fuels sector, fuel oil stocks in the ARA hub increased by 1.4% to 665,000 tons, while product availability in the region remained limited due to the diversion of blending components to the feedstock market.
Mediterranean (Med): The Mediterranean diesel market was under pressure for most of the week and traded at a discount to NWE; however, by May 8, the Med-NWE spread turned positive again as regional fundamentals began to rebalance. Large volumes of arriving cargoes were observed in the naphtha market, while supplies from the US have effectively ceased since February. The fuel oil sector maintained a “long” market situation (oversupply), despite ongoing supply disruptions through the Suez Canal.
Russia and CIS: The market was highly volatile due to repeated drone attacks on Russian oil refineries. Between May 4 and May 8, strikes were recorded at the Perm and Yaroslavl plants, as well as another (the fourth in two weeks) attack on the Tuapse refinery. This intensified the shortage of high-octane gasoline (AI-95) in exchange trading, despite statements from the Ministry of Energy regarding the full supply of the retail sector. Diesel exports from the Russian Federation decreased by 16% compared to the previous week, as confirmed by vessel tracking data.
West Africa (WAF): The region continues to serve as a key outlet for European gasoline surpluses, supporting liquidity in NWE. Quotes in West African ports followed European benchmarks, with the STS Lome gasoline premium hovering around $90/mt over May Eurobob swaps. Diesel supplies from the US continued to replace missing volumes from the Persian Gulf, keeping regional premiums at a high level.
Global Factors: The main driver for the price decline was the drop in Brent crude oil costs, which fell below the $100 per barrel mark mid-week. Global tensions in the Middle East keep the market structure in backwardation; however, rising inventories in key European hubs and high refinery utilization rates in the US and Europe neutralized geopolitical risks this week.