Summary Table of Quotes
| Product | Delivery Basis | Price May 15 ($/mt) | Weekly Change ($) |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE | 1241.25 | +85.00 |
| Eurobob Barges | FOB Rotterdam | 1178.00 | +85.00 |
| Gasoline 92 unleaded | FOB Singapore | 135.65* | +7.67* |
| Prem Unl 10 ppm | FOB Med | 1191.50 | +66.00 |
| Prem Unl 10 ppm | CIF NWE | 1241.25 | +85.00 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE | 1226.50 | +30.00 |
| ULSD | CIF Med | 1247.50 | +44.25 |
| ULSD | FOB Med | 1219.25 | +49.00 |
| Gasoil 10 ppm | FOB Arab Gulf | 157.17* | — |
| Gasoil | FOB Singapore | 163.47* | +21.09* |
| Jet Fuel | |||
| Jet | CIF NWE | 1341.00 | +72.00 |
| Jet | FOB Med | 1288.25 | +80.75 |
| Naphtha | |||
| Naphtha | CIF NWE | 908.75 | +14.75 |
| Naphtha | FOB Med | 847.75 | +25.00 |
| Naphtha | FOB Singapore | 113.73* | +4.22* |
| Naphtha | FOB Arab Gulf | 937.20 | — |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med | 645.50 | +49.25 |
| HSFO 3.5% | FOB Med | 609.00 | +48.50 |
* — Singapore and Persian Gulf prices are specified in $/bbl.
Regional Analytical Review
Northwest Europe (NWE): The gasoline market in NWE demonstrated a pronounced “bullish” trend this week. Refining margins reached multi-year highs amid active export demand from the Atlantic Basin regions. Eurobob quotes rose by $85 per metric ton, tracking the strengthening of futures. In the heavy fuels sector, a shortage of low-sulfur components for VLSFO blending persists, keeping prices at a high level despite a slight increase in product availability toward the end of the week. Diesel fuel also became more expensive, albeit at a more modest pace than gasolines, due to sustained high production volumes at European refineries.
Mediterranean (Med): Unlike the northern ports, the Mediterranean market experienced some pressure from the supply side. The availability of free volumes of naphtha and gasoline in the region forced sellers to offer discounts; however, strong fundamentals in NWE prevented prices from falling. By mid-week, the Med-NWE diesel spread turned positive again as the regional market began to rebalance. Refiners in the Med maintain maximum capacity utilization levels, seeking to capitalize on the high profitability of the gasoline fraction amid relatively weak Dated Brent crude quotes.
Russia and CIS: The situation on the domestic market of the Russian Federation remains tense. The shortage of high-octane gasoline (AI-95) became more pronounced against the background of ongoing fleet modernization and seasonal demand growth. This week it became known that Lukoil has started construction of an MTBE unit at the Nizhny Novgorod refinery (Norsi) to address the shortage of high-octane components. Repeated drone attacks on the Yaroslavl and Perm refineries heightened concerns regarding supply stability. Nevertheless, the Ministry of Energy of the Russian Federation officially stated that the market is fully supplied with light oil products ahead of the summer season. Diesel exports from the Russian Federation decreased by 16% during the reporting period.
West Africa (WAF): The region continues to act as a key driver for European exports. WAF’s growing gasoline import requirements are actively drawing barrels from NWE, supporting quotes on a FOB basis. Total diesel import volumes into West Africa reached 1 million tons by May 15. Prices at the port of Lome followed global volatility: the premium for STS Lome gasoline was around $75/mt over swaps, while the diesel premium rose to $180/mt over ICE LSGO futures.
Global Factors: The main influencing factor remains geopolitical uncertainty in the Middle East, which supports a state of backwardation in the markets and triggers sharp price spikes for middle distillates. This week, a sharp drop in vacuum gasoil (VGO) shipments from Europe and the Russian Federation (by 84%) was recorded, indicating the desire of refineries to maximize the processing of semi-finished products internally to produce expensive diesel. The global jet fuel index also showed growth, reflecting the recovery in demand for air travel ahead of the summer period.