Price Summary
| Product | Delivery Basis | Price Jun 12 | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1026.25 | -13.00 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 966.25 | -9.75 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 110.19 | -3.12 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 957.50 | -34.25 |
| Prem Unl 10 ppm | CIF NWE ($/mt) | 973.25 | -33.50 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 991.75 | -82.25 |
| ULSD | CIF Med ($/mt) | 998.75 | -89.00 |
| ULSD | FOB Med ($/mt) | 982.50 | -90.00 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 121.23 | -13.63 |
| Gasoil | FOB Singapore ($/bbl) | 127.22 | -13.36 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1034.50 | -102.50 |
| Jet | FOB Med ($/mt) | 1003.25 | -104.00 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 681.50 | -29.75 |
| Naphtha | FOB Med ($/mt) | 646.00 | -31.50 |
| Naphtha | FOB Singapore ($/bbl) | 74.63 | -4.42 |
| Naphtha | FOB Arab Gulf ($/mt) | 630.73 | -43.33 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 516.00 | -42.50 |
| HSFO 3.5% | FOB Med ($/mt) | 493.25 | -36.75 |
Regional Market Review
Northwest Europe (NWE): The week began with mixed trends: on Monday, Mediterranean differentials fell on a competitive transaction in the MOC window (Trafigura / Vitol, FOB Augusta), while freight rates for small-tonnage clippers in the UKC continued to decline — Clean UKC-UKC 22,000 mt fell to $20.33/mt from an April high of $46.15/mt. On Tuesday, the market fell another $26.25/mt on Eurobob amid a flattening of the Brent curve, though market participants remained optimistic about summer demand and anticipated growth in exports to the US. Wednesday brought a sharp acceleration: following an active bid in the MOC, Eurobob barges gained +$36.25/mt to $995/mt. On Thursday, the rally continued (+$16.25/mt), as the market shrugged off early concerns over Trump’s threats against Iran’s oil infrastructure. Friday proved to be a turning point: ARA gasoline stocks surged 10.27% to 1.138 million mt (Insights Global data for the week ending June 11), and Eurobob barges plummeted by $45/mt to $966.25/mt. On naphtha: ARA stocks fell slightly — by 1.3% to 452,000 mt — amid a closed east-west arbitrage and weak petrochemical demand; the front-month CIF NWE naphtha crack spread stood at minus $9.86/barrel.
Mediterranean (Med): The region saw steady demand pressure for most of the week. Accelerated summer demand from the Middle East and active tenders from the Eastern Mediterranean supported backwardation: by Thursday, the FOB Med cash/M1 spread had widened to $20.50/mt, signaling a spot shortage. On Wednesday, the narrowing of the Med/North spread to minus $1/mt (compared to +$12.50/mt the previous day) reflected relatively higher growth rates in the NWE. Loading at the Haifa refinery remained at 80%, supporting component supply. On Friday, FOB Med gasoline fell by $50.75/mt to $957.50/mt following a general market collapse; the FOB Med cash/balmo spread nonetheless maintained a $3/mt discount, indicating continued structural support from demand.
Russia & CIS: Netbacks for export distillates at Russian refineries fell sharply in line with the global market. The ULSD CIF NWE netback from Yaroslavl (via Primorsk) fell to $1,337.63/mt (−$76.52/mt on June 12). The ULSD FOB Med netback NORSI / Novorossiysk stood at $1,251.08/mt (−$83.43/mt). The diesel damping value at the end of the week was 26,628 rubles/mt. Gasoline netbacks (Eurobob ARA Barges) from Moscow / Vysotsk fell to $1,362.94/mt (−$55.26/mt on the day), reflecting Friday’s collapse. The global decline in commodity prices exerted the most significant pressure on export routes in the distillate segment.
West Africa (WAF): The region experienced one of the sharpest price shocks on Friday: STS Lome diesel plummeted by $94.75 to $1,057.50/mt, while FOB West Africa Diesel fell by $64.75 to $1,107.50/mt. Nigeria’s Dangote Refinery was resuming operations at its largest RFCC gasoline unit following maintenance in May. The Jet Fuel FOB West Africa assessment (launched on June 1) continues to serve as a price benchmark: by the end of the week, Jet STS Lome stood at $1,107.50/mt. The gasoline differential to NWE widened to +52.64/mt, indicating increased attractiveness of NWE supplies to the region.
Global Factors: The main event of the week was a sharp drop in oil prices: NYMEX WTI fell from ~$91/barrel (June 5) to $84.45/barrel (June 12) — a loss of over $6.50/barrel over five trading sessions. ICE LS Gasoil (July) closed at $967.50/mt on June 12, hitting a multi-week low. Friday’s collapse was particularly sharp: Jet lost $82.25/mt in a single day, ULSD — $62.50/mt. US President Donald Trump’s threats on Thursday to strike Iran’s strategic oil facilities briefly supported prices, but the market reassessed them by Friday. USEC gasoline inventories fell by 3 million barrels for the week ending June 10 (EIA), keeping transatlantic arbitrage attractive; the RBOB–EBOB (July) spread remained near multi-year highs of ~27 cents/gallon. The Spanish company Repsol confirmed the restart of the butadiene unit at the Sines refinery (Portugal) on June 12.