Price Summary Table
| Product | Delivery Basis | Price (May 29) | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1031.25 | -137.25 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 968.00 | -137.25 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | N/A | — |
| Prem Unl 10 ppm | FOB Med ($/mt) | 992.75 | -120.00 |
| Prem Unl 10 ppm | CIF NWE ($/mt) | 1031.25 | -137.25 |
| Diesel and Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1029.00 | -121.75 |
| ULSD | CIF Med ($/mt) | 1028.75 | -126.75 |
| ULSD | FOB Med ($/mt) | 1007.00 | -120.25 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 132.13 | -15.63 |
| Gasoil | FOB Singapore ($/bbl) | 134.46 | -13.25 |
| Jet Fuel | |||
| Jet | CIF NWE ($/mt) | 1096.25 | -156.75 |
| Jet | FOB Med ($/mt) | 1055.00 | -145.25 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 728.50 | -102.50 |
| Naphtha | FOB Med ($/mt) | 681.00 | -89.00 |
| Naphtha | FOB Singapore ($/bbl) | N/A | — |
| Naphtha | FOB Arab Gulf ($/mt) | 679.99 | -115.40 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 571.50 | -55.75 |
| HSFO 3.5% | FOB Med ($/mt) | 540.75 | -52.00 |
Regional Analytical Overview
Northwest Europe (NWE): The week was characterized by a drop in diesel prices to their lowest levels since early March, driven by falling gasoil futures and a lack of demand from end-users. In the gasoline segment, there was an expansion of the transatlantic arbitrage window due to tightening stocks and lower production volumes in the US. The naphtha market showed signs of strengthening by the end of the week, supported by a narrowing backwardation structure and rising crack spreads.
Mediterranean (Med): The European diesel complex remained under pressure, with the spread between Mediterranean and North European cargoes entering negative territory. Demand for vacuum gasoil (VGO) and straight-run fuel oil remained stable from regional refineries; however, traders are warning of potential pressure on differentials due to falling distillate refining margins.
Russia and CIS: A key development in the domestic market was the SPIMEX exchange’s decision to relax price step restrictions for petroleum product trading, which led to an acceleration in price growth. The supply situation remains critical: on May 29, a drone strike hit the Volgograd Refinery, damaging primary processing units (AVT-1, 3, 5, 6). Authorities continue to discuss the possibility of introducing a ban on jet fuel exports, while a similar measure for diesel is considered less likely due to production surplus.
West Africa (WAF): The market responded to a significant reduction in domestic gasoil prices at the Dangote Refinery (by 11% to 1600 Naira/liter), driven by the refinery’s attempt to remain competitive compared to cheaper imports. A new Jet fuel FOB West Africa quotation was launched effective June 1, which is expected to increase pricing transparency for aviation fuel in the region.
Global Factors: Petroleum product prices declined, following crude oil lower, amid positive expectations regarding US-Iran negotiations in Doha. Reports of a possible de-escalation agreement in the Strait of Hormuz contributed to the disappearance of the risk premium associated with physical shortages. At the same time, the US Navy resumed escorting commercial vessels through the strait under the “Project Freedom” mission, which temporarily stabilized logistical flows.