Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1371.50 | +82.50 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1290.50 | +82.50 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 123.24 | +9.58 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1244.00 | +13.75 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1418.25 | +108.00 |
| ULSD | CIF Med ($/mt) | 1413.00 | +107.25 |
| ULSD | FOB Med ($/mt) | 1398.50 | +106.75 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 156.05 | +11.80 |
| Gasoil | FOB Singapore ($/bbl) | 166.02 | +11.98 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1419.50 | +87.75 |
| Jet | FOB Med ($/mt) | 1391.25 | +87.00 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 804.00 | +43.75 |
| Naphtha | FOB Med ($/mt) | 772.25 | +43.00 |
| Naphtha | FOB Singapore ($/bbl) | 92.75 | +3.64 |
| Naphtha | FOB Arab Gulf ($/mt) | 743.73 | +36.99 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 552.75 | +34.50 |
| HSFO 3.5% | FOB Med ($/mt) | 526.00 | +35.50 |
Региональный анализ рынка
Northwest Europe (NWE)
The gasoline market in Northwestern Europe ended the week with a nine-day rally, during which Eurobob physical barges rose to multi-year highs: FOB AR E5 physical quotes peaked at $1,325.75/metric ton on Thursday, while the cash/M1 spread widened to $299.25/metric ton at one point. On Friday, the rally came to a halt—buyer interest waned, though market participants continued to describe physical supply as extremely tight. Gasoline inventories in the ARA region rose by 17.7% to 885,000 metric tons, yet this did not resolve the shortage of high-octane components: reformate, isobutane, and MTBE remained in short supply and kept blending costs high. Preparations for the transition to winter specifications further supported demand for high-octane ingredients. Export pressure eased: the 30-day pace of gasoline shipments from NWE ports declined from 2.3 to 1.8 million metric tons, while arbitrage windows to other regions remained closed. Naphtha stocks in ARA plummeted by 30.94% to 317,000 metric tons — to their lowest level since February 2024, which further tightened blending conditions and supported a wide gasoline/naphtha spread of around $243/metric ton by the end of the week.
Mediterranean (Med)
The Mediterranean gasoline market remained under significant pressure throughout the week, although price increases were considerably more modest than in NWE: FOB Med Premium Unleaded 10 ppm rose by $13.75/metric ton and closed at $1,244/metric ton. The MTBE shortage intensified: Mediterranean demand actively absorbed available volumes, leaving the market with virtually no available supply. Trading sources described the physical market as “extremely tight,” pointing to a lack of available volumes among traders and extremely limited opportunities to replenish inventories in the coming weeks. Diesel fuel posted the strongest growth in the region: ULSD FOB Med rose by $106.75/metric ton to $1,398.50/metric ton, while ULSD CIF Med increased by $107.25/metric ton to $1,413/metric ton. Jet fuel FOB Med rose by $87/metric ton to $1,391.25/metric ton, following the overall upward trend in the distillate market. HSFO 3.5% FOB Med rose by $35.50/metric ton to $526/metric ton amid rising prices across the entire oil sector.
Russia & CIS
The regional market faced pressure from several negative supply-side factors at once. Unplanned and scheduled refinery outages with a combined capacity of approximately 125,000 bpd reduced xylene production in Eastern Europe, increasing regional demand for this component and stimulating imports. Ongoing attacks on oil infrastructure are keeping Russian crude oil exports at low levels, limiting supply in the European market and indirectly supporting domestic prices. The wide discount of propane relative to naphtha has stimulated LPG processing in Europe’s flexible steam crackers, partially replacing naphtha as a petrochemical feedstock. The September contract price for propylene in Europe was settled at €1,410/metric ton—a result reflecting weakness in the derivatives markets and subdued spot demand. Overall, logistical constraints and geopolitical uncertainty are supporting a higher country premium for shipments from the region to European destinations.
West Africa (WAF)
The West African petroleum products market felt the impact of the global price rally primarily through higher import costs. The rise in diesel and jet fuel prices in the NWE and the Mediterranean region by $107–108/t over the week significantly increased the cost of shipments for African buyers. The arbitrage window from Europe to the region remained virtually closed throughout the week: high freight rates combined with narrowing price spreads made export shipments unprofitable for traders. A parallel decline in the pace of shipments from NWE ports, from 2.3 to 1.8 million metric tons over a 30-day window, signals a general easing of export pressure in the western direction. Against the backdrop of closed arbitrage and minimal crude oil inventories in the ARA region, the price momentum for the region remains upward, while opportunities for seasonal restocking remain limited.
Global Factors
The defining event of the week was a sharp escalation of geopolitical tensions in the Persian Gulf: military strikes, retaliatory attacks, and threats against Iran caused oil futures to spike and heightened concerns about the safety of shipping through the Strait of Hormuz, creating a significant supply disruption premium. This factor had the greatest impact on crude oil and diesel market instruments and also fueled heightened volatility across the entire futures market. At the same time, the market is approaching the seasonal transition from summer to winter gasoline specifications—a critical milestone for blenders facing an acute shortage of high-octane winter components. The end of the U.S. summer driving season began to gradually erode gasoline cracking margins, and by the end of the week, a price correction in the gasoline segment was already evident. The east-west naphtha spread held steady near $55–56/t, signaling the risk of volumes flowing to Asia and creating competitive pressure on European buyers, who were forced to pay a higher price to keep cargoes in the region.