Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1145.75 | -26.50 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1093.25 | -26.50 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 120.83 | +13.81 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1106.75 | +20.00 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1284.50 | +47.75 |
| ULSD | CIF Med ($/mt) | 1298.25 | +51.25 |
| ULSD | FOB Med ($/mt) | 1283.25 | +50.75 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 158.53 | +16.91 |
| Gasoil | FOB Singapore ($/bbl) | 165.01 | +16.48 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1330.50 | +97.25 |
| Jet | FOB Med ($/mt) | 1301.25 | +96.25 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 823.00 | +59.50 |
| Naphtha | FOB Med ($/mt) | 789.75 | +58.00 |
| Naphtha | FOB Singapore ($/bbl) | 107.39 | +18.90 |
| Naphtha | FOB Arab Gulf ($/mt) | 864.49 | +150.75 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 538.75 | +28.00 |
| HSFO 3.5% | FOB Med ($/mt) | 510.25 | +21.50 |
Региональный анализ рынка
Northwest Europe (NWE)
The European gasoline market ended the week lower: Eurobob barge FOB Rotterdam prices fell on Friday to $1,034.50/metric ton—$33.50/metric ton below Thursday’s level, although during the week they had risen to $1,068/metric ton amid summer demand and disrupted trade flows. Gasoline stocks in the ARA hub had fallen to 810,000 metric tons by July 23—the lowest level since October 2021—down 14% since the start of the month. A critical infrastructure factor was the sharp drop in water levels on the Rhine: near the Kaub junction, the depth fell to ~60 cm on July 23 and, according to a forecast by the German WSV agency, is expected to reach a record low of 25 cm by July 25, which has virtually halted barge traffic on this key inland waterway. At levels below 40 cm, large barges cease operation entirely, while smaller ones operate at a load factor of about 16–17%. Flaring at the Shell Rotterdam refinery (formerly Pernis), which began on the evening of July 19 due to technical issues, took the CDU and VDU units offline; however, they were restored by July 22. CIF NWE jet fuel ended the week at $1,330.50/metric ton—a weekly increase of +$97.25/metric ton—after reaching an intraday high of $1,334.25/metric ton on Wednesday.
Mediterranean (Med)
The Mediterranean gasoline market remained extremely tight throughout the week: During the MOC window on July 20, several major players competitively submitted bids for August cargoes, whereas on July 22, for the first time that week, not a single offer to sell appeared on the market. The FOB Med differential against August swaps rose to +79.75 $/t on Wednesday, and on July 23, FOB Med cargo quotes reached $1,141.25/mt—an increase of $23/mt over the previous day. By the end of the week, Prem Unl 10 ppm gasoline FOB Med gained +$20/metric ton, closing at $1,106.75/metric ton. ULSD diesel CIF Med recorded an even more significant gain—+$51.25/metric ton over the week to $1,298.25/metric ton, while FOB Med jet fuel rose by +$96.25/metric ton to $1,301.25/metric ton. The key structural factor driving the tightness was a reduction in Russian supply: a portion of the volumes traditionally supplied to the region was redirected to the domestic Russian market, forcing Mediterranean traders to compete for a limited pool of cargo amid sustained summer demand from Spain, Italy, and Greece.
Russia & CIS
The Russian oil refining sector remained the focus of global petroleum product markets: large-scale attacks on refineries triggered supply disruptions, shortages in the domestic market, and the introduction of fuel rationing in several regions—based on license plate numbers, QR codes, and limits on the amount of fuel that can be purchased. The current ban on gasoline exports, set to expire on July 31, was reportedly being considered for an extension of up to 6 months, according to Interfax citing sources—a corresponding draft has already been prepared; a similar extension of the diesel export ban for 1 month was also being considered by the authorities. By the end of the week, a number of major refineries—Taneco, TAIF, Saratov, Ryazan, Volgograd, Moscow, Omsk, and “Norsi”—had partially or fully resumed operations and resumed trading on the St. Petersburg Exchange. At the same time, the Kirishi, Astrakhan, and Salavat refineries, as well as the Samara oil refining cluster, were still absent as sellers. Siberian refineries postponed scheduled maintenance until fall 2026 and operated at maximum capacity to offset the overall supply shortage in the domestic market.
West Africa (WAF)
The West African region has solidified its position as a supplier of jet fuel to Europe amid disruptions to Middle Eastern supplies: Nigeria’s Dangote refinery has become one of the key exporters of jet fuel to European hubs, alongside suppliers from Oman, India, and the United States. Total European imports of jet fuel and kerosene in July reached 2.2 million metric tons, compared to 663,000 metric tons in June, with Nigeria emerging as one of the largest suppliers for the month. In the naphtha segment, Atlantic volumes came under pressure from Asian demand: a wide East-West spread encouraged the redirection of cargoes from the Atlantic basin to Asia, further tightening the regional supply balance. Overall, the West African export sector demonstrated its operational ability to redirect flows to cover the shortfall caused by disruptions in the Middle East.
Global Factors
The defining event of the week was the escalation of the conflict in the Middle East: On July 20, Yemen’s Houthi movement announced a “naval blockade” on Saudi Arabia, threatening to block shipping through the Bab el-Mandeb Strait, after which transit volumes dropped sharply, and a number of tankers loaded in Yanbu turned back toward Suez. Freight rates and the East-West spread for crude oil widened sharply—to $62–72/metric ton on different days of the week, — prompting a shift of European and Mediterranean volumes toward Asian markets, according to traders: “The Mediterranean has emptied out.” Traffic through the Strait of Hormuz totaled 13 vessels on July 19, including 4 tankers carrying petroleum products, down from 19 vessels the previous day and adding uncertainty to assessments of the availability of Middle Eastern crude. The U.S. has increased jet fuel shipments to Europe to a record high for this year: 298,000 metric tons are expected in July, compared to 130,000 metric tons during the same period in 2025, a trend analysts directly attribute to replacing lost Middle Eastern volumes. The approaching hurricane season in the U.S. is creating additional uncertainty for the market, as it could limit the capacity of U.S. refineries and significantly reduce export potential for gasoline, diesel, and jet fuel.