Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1289.00 | +67.00 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1208.00 | +67.00 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 113.66 | -0.53 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1230.25 | +43.50 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1310.25 | -67.50 |
| ULSD | CIF Med ($/mt) | 1305.75 | -117.75 |
| ULSD | FOB Med ($/mt) | 1291.75 | -117.75 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 144.25 | -11.16 |
| Gasoil | FOB Singapore ($/bbl) | 154.04 | -9.55 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1331.75 | -4.25 |
| Jet | FOB Med ($/mt) | 1304.25 | -4.25 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 760.25 | -26.50 |
| Naphtha | FOB Med ($/mt) | 729.25 | -26.50 |
| Naphtha | FOB Singapore ($/bbl) | 89.11 | -0.87 |
| Naphtha | FOB Arab Gulf ($/mt) | 706.74 | -8.18 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 518.25 | -27.50 |
| HSFO 3.5% | FOB Med ($/mt) | 490.50 | -25.00 |
Региональный анализ рынка
Northwest Europe (NWE)
The European gasoline market has experienced one of its most dynamic periods in recent years: FOB ARA Eurobob barges rose by +$67/metric ton over the course of the week and, by Friday, showed a crack spread of $49.17/barrel.** Gasoline inventories at the ARA hub fell by 14.25% to 752,000 metric tons — the lowest level since September 2021 — while the gasoline-naphtha spread set new multi-year records throughout all five trading sessions, reaching $382.5/metric ton by Friday — a level not seen since 2022. The high cost of octane additives—reformed, aromatic hydrocarbons, and MTBE—combined with deep backwardation—closed the arbitrage windows toward the U.S. East Coast and limited the availability of gasoline for importers. At the opposite end of the spectrum is diesel fuel: ULSD CIF NWE fell by $67.50/metric ton to $1,310.25/metric ton under pressure from high inventories and refineries shifting focus to maximizing diesel output. Jet fuel inventories in the ARA region plummeted by 9.92% to 545,000 metric tons—the lowest level since 2020; a negative spread (jet fuel was trading at a discount to diesel of about $6.22/barrel) deprived refiners of incentives to ramp up jet fuel production. Water levels on the Rhine at the key Kaub junction fluctuated between 60 and 75 cm—above recent lows, however, the LyondellBasell butadiene extraction plant in Wesseling remained under force majeure conditions, which had been in effect since mid-July due to a shortage of raw materials.
Mediterranean (Med)
The Mediterranean gasoline market experienced an even more acute shortage: the western part of the region “needed to replenish its stocks,” and physical trading on EN228 had virtually ground to a halt, while Prem Unl 10 ppm FOB Med rose by +$43.50/metric ton to $1,230.25/metric ton by the end of the week. The diesel segment, meanwhile, showed the opposite trend: ULSD CIF Med fell by $117.75/mt to $1,305.75/mt—one of the largest weekly declines in the region—while ULSD FOB Med lost a similar $117.75/mt. Naphtha FOB Med fell by $26.50/metric ton, while HSFO 3.5% FOB Med fell by $25/metric ton amid weak demand from the marine bunkering sector. The Mediterranean–Asia arbitrage corridor remained open with an east-west spread in the range of $54–56/metric ton, prompting traders to redirect Mediterranean naphtha cargoes eastward. A positive sign for regional supply was the resumption of operations at the condensate splitter and one of the atmospheric distillation units at the Skikda refinery in Algeria following scheduled maintenance.
Russia & CIS
During the period under review, markets in the region were influenced by mixed global trends. The sharp decline in diesel fuel prices—ULSD CIF Med fell by $117.75/metric ton over the week — is putting pressure on the margins of export-oriented refiners, especially given the competition on western routes. The announcement of new U.S. sanctions against Iran at the beginning of the week created short-term volatility in oil prices, directly affecting the feedstock basis for regional refineries. Weak crude oil prices—FOB Arab Gulf lost $8.18/metric ton over the week—reduced the margins of pyrocracking operations focused on Asian markets. China’s confirmation of its planned September export volumes of petroleum products, with no additional restrictions, maintains competitive pressure on Asian markets for regional producers. The gasoline segment appeared relatively stable amid domestic demand, while the global decline in HSFO 3.5% fuel oil prices by $25–27.50/metric ton limited the profits of heavy fraction exporters.
West Africa (WAF)
During the period under review, the West African region stood out primarily in terms of jet fuel flows: Nigeria shipped approximately 252,000 metric tons of jet fuel to Europe in the first four weeks of August alone, ranking among the key suppliers alongside the United States and Oman. Weak prices for 3.5% HSFO (a decline of $25–27.50/metric ton over the week) put pressure on the profitability of regional oil exports destined for the European market. The disruption to shipping through the Strait of Hormuz is having a mixed effect on West African exporters: competing Middle Eastern supply is weakening, but freight rates remain high, narrowing the arbitrage margin. Overall, West African supply remained competitive, although tight margins amid freight volatility limited trading activity toward the end of the week.
Global Factors
The main geopolitical story of the week was new U.S. sanctions against Iran, the announcement of which on Monday sent oil prices plummeting by more than 5% following the previous week’s rise; however, some of that decline was recouped during subsequent trading sessions. At the same time, Iran and Oman signed an agreement on a temporary navigation corridor through the Strait of Hormuz based on a “two-lane highway” model, involving the clearance of mines from the waterway; however, traffic remained extremely low—only 8 vessels per day—and market participants remained skeptical about the timeline for a return to normalcy. A sharp drop in inventories across the entire spectrum of petroleum products in the ARA region—gasoline –14.25%, jet fuel –9.92%, and naphtha –12.74%—signaled a systemic tightening of the physical market in late August. Gasoline inventories on the U.S. East Coast fell by 137,000 barrels to 52.25 million barrels, ending up 2.79 million barrels below last year’s levels for the same period. Aviation kerosene imports into Europe from the U.S. reached 845,000 metric tons in August—nearly three times the July figure of 316,000 metric tons—but arbitrage flows are expected to decline in September as margins narrow. China has confirmed its intention to maintain exports of petroleum products in September without additional restrictions on volumes or destinations, which supports a competitive environment in Asian markets.