Quotations Summary Table
| Product | Delivery Basis | Price June 5 | Weekly Change |
|---|---|---|---|
| Gasoline | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1039.25 | +8.00 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 976.00 | +8.00 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 113.31 | — |
| Prem Unl 10 ppm | FOB Med ($/mt) | 991.75 | -1.00 |
| Prem Unl 10 ppm | CIF NWE ($/mt) | 1006.75 | -7.25 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1074.00 | +45.00 |
| ULSD | CIF Med ($/mt) | 1087.75 | +59.00 |
| ULSD | FOB Med ($/mt) | 1072.50 | +65.50 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | N/A | — |
| Gasoil | FOB Singapore ($/bbl) | 140.58 | — |
| Jet Fuel | |||
| Jet | CIF NWE ($/mt) | 1137.00 | +40.75 |
| Jet | FOB Med ($/mt) | 1107.25 | +52.25 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 711.25 | -17.25 |
| Naphtha | FOB Med ($/mt) | 677.50 | -3.50 |
| Naphtha | FOB Singapore ($/bbl) | 79.05 | — |
| Naphtha | FOB Arab Gulf ($/mt) | N/A | — |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 558.50 | -13.00 |
| HSFO 3.5% | FOB Med ($/mt) | 530.00 | -10.75 |
Regional Analytical Overview
Northwest Europe (NWE): The week was characterized by a significant increase in diesel prices, which surged to $1,113/mt early in the period driven by aggressive bids in the MOC window. At the same time, inventory fundamentals in the ARA region showed a sharp rise: naphtha stocks increased by 21.8% to 458,000 tonnes due to weak petrochemical demand in Asia, while fuel oil stocks grew by 6.68% to 575,000 tonnes. The gasoline market was supported by steady blending demand, although NWE exports to the Mediterranean slowed down substantially in May, dropping to 122,000 tonnes.
Mediterranean (Med): The Mediterranean region experienced a shortage of gasoline blending components, forcing the market to rely on finished refinery volumes. In the distillate segment, cash premiums continued to rise, with diesel-to-gasoil premiums widening by $3/mt over the week. A key development was the increase in capacity utilization at the Haifa refinery to 80%. In the heavy distillates sector, localized demand for HSFO was observed despite the general downward trend in prices tracking crude.
Russia and CIS: The key negative driver was a new wave of drone attacks on Russian refineries, which hit the Saratov (May 31) and Ilsky (June 2) plants. This exacerbated deficits in the domestic market and led to the suspension of product sales by the Saratov and Volgograd refineries on the SPIMEX exchange. The government officially introduced a ban on jet fuel exports, though Deputy Prime Minister Alexander Novak noted that a similar measure for diesel is not yet required.
West Africa (WAF): The main event of the week was the launch of the new Jet fuel FOB West Africa quotation on June 1, aimed at enhancing pricing transparency for aviation fuel in the region. West African diesel imports reached 1 million tonnes in May, with premiums expected to ease in the near term as major volumes resume from India (Jamnagar). Additionally, three new daily price assessments (STS Lome) for gasoline, diesel, and jet fuel have been proposed.
Global Factors: Global energy prices were pressured by rising geopolitical tensions in the Middle East, which triggered a sharp spike in Brent crude at the beginning of the week (+$5.06 per barrel). Rumors of a suspension in US-Iran peace talks intensified concerns over supply security through the Strait of Hormuz. Despite a correction in distillate refining margins toward the end of the week, refinery demand for vacuum gasoil (VGO) and straight-run fuel oil (LSSR) remained robust.