Price Summary
| Product | Delivery Basis | Price Jun 26 | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 953.75 | -31.50 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 901.25 | -29.00 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 98.49 | -5.90 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 904.75 | -16.25 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 895.75 | -27.00 |
| ULSD | CIF Med ($/mt) | 900.25 | -24.50 |
| ULSD | FOB Med ($/mt) | 885.75 | -24.50 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 104.69 | -2.43 |
| Gasoil | FOB Singapore ($/bbl) | 111.60 | -1.88 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 912.25 | -44.75 |
| Jet | FOB Med ($/mt) | 884.00 | -44.75 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 627.25 | -40.50 |
| Naphtha | FOB Med ($/mt) | 595.50 | -40.50 |
| Naphtha | FOB Singapore ($/bbl) | 67.54 | -4.05 |
| Naphtha | FOB Arab Gulf ($/mt) | 558.23 | -41.18 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 404.25 | -63.50 |
| HSFO 3.5% | FOB Med ($/mt) | 385.75 | -62.25 |
Regional Market Review
Northwest Europe (NWE): The week was marked by sharp price volatility in the gasoline segment. Transatlantic arbitrage remained near multi-year highs throughout the week — the RBOB/Eurobob spread reached 34.793 cents/gal. Gasoline inventories in the ARA hub fell 8.5% to 1.041 million mt (as of June 18), and by June 25 had declined a further 2.5% to 1.025 million mt. Maintenance at the Lavera refinery (France, June 20–25) and a reforming unit shutdown at the Milazzo refinery (Italy, restart scheduled July 13) limited supply. On Thursday, Eurobob physical barge quotes surged $36/mt to $935.50/mt, but by Friday had corrected to $901.25/mt in line with crude. The threat of a strike at the ExxonMobil refinery in Antwerp (expected June 29) was averted on Friday: following a new management proposal, unions ABVV and ACV postponed the vote to July 1–2.
Mediterranean (Med): The main development for the region was Nigeria’s issuance of new import permits for approximately 450,000 mt/month of gasoline in July–September, which triggered a rush of demand for European cargoes. On Wednesday, the FOB Med spot-to-front-month spread widened $7.50/mt to $20.50/mt. FOB Med cargo quotes rose $37/mt to $926.50/mt on Thursday, before retreating to $904.75/mt by Friday. Reports also emerged of Russia’s growing need to import gasoline amid drone strikes on domestic refineries; however, on June 26, Kazakhstan’s energy minister denied receiving any official requests. The Med/North spread held at $10/mt at the end of the week.
Russia & CIS: The key event of the week was drone strikes on June 25 against two refineries in Ufa — Ufaneftekhim and Novoil — which damaged primary refining units. According to market participants, Russian petroleum product exports — including naphtha — are declining across the board. Ruble-denominated refinery netbacks moved in different directions: at the start of the week diesel netbacks lost over 2,500 rubles/mt; on Wednesday they partially recovered; on Thursday they gained more than 2,600 rubles/mt amid a broad market uptick; on Friday they fell again. The dollar/ruble exchange rate weakened from ~74.1 (Mon) to ~78.9 (Fri).
West Africa (WAF): West Africa was the main demand driver of the week. Nigerian import quotas (~450,000 mt/month from July through September) sparked a buying scramble and, according to traders, led to a drawdown of ARA inventories. Nigeria also strengthened its position as a key jet fuel supplier to Europe: in June, shipments reached 451,000 mt versus 232,000 mt in May. The Dangote refinery played a significant role in covering the shortfall following disruptions to Middle Eastern supplies.
Global Factors: The resumption of transit through the Strait of Hormuz shaped market dynamics throughout the week: daily traffic on June 20 reached 48 passages (the highest since the start of the conflict), but by the end of the week flows were estimated at 6–7 million b/d, compared with pre-war levels of ~20 million b/d. US–Iran negotiations supported moderately optimistic sentiment. China maintained strict restrictions on petroleum product exports in July: total exports of gasoline, gasoil, and jet fuel for January–May fell 24.3% year-on-year to 10.45 million mt. Jet fuel production in Europe rose 32% year-on-year (Denmark +218%, Hungary +120%, Portugal +95%, Austria +50%), generating a supply surplus. In the UK, Prime Minister Starmer’s resignation announcement (June 22) raised hopes in the oil and gas industry for a policy reset on the North Sea. Nylon producer Leuna-Polyamid (Germany) filed for voluntary bankruptcy, citing raw material cost increases of 40–100%. Naphtha inventories in the ARA hub fell 5.97% on the week to 441,000 mt as of June 25, supporting blending demand during the summer driving season.