Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1385.25 | +13.75 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1331.25 | +40.75 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 143.55 | +20.31 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1364.75 | +120.75 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1558.00 | +139.75 |
| ULSD | CIF Med ($/mt) | 1576.75 | +163.75 |
| ULSD | FOB Med ($/mt) | 1560.75 | +162.25 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 179.19 | +23.14 |
| Gasoil | FOB Singapore ($/bbl) | 191.91 | +25.89 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1590.50 | +171.00 |
| Jet | FOB Med ($/mt) | 1559.75 | +168.50 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 881.00 | +77.00 |
| Naphtha | FOB Med ($/mt) | 846.00 | +73.75 |
| Naphtha | FOB Singapore ($/bbl) | 103.21 | +10.46 |
| Naphtha | FOB Arab Gulf ($/mt) | 807.05 | +63.32 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 595.00 | +42.25 |
| HSFO 3.5% | FOB Med ($/mt) | 573.00 | +47.00 |
Региональный анализ рынка
Northwest Europe (NWE) The gasoline market in Northwestern Europe experienced a week of sharp volatility: after plummeting by $98/metric ton on Wednesday, FOB ARA barge prices rebounded by Friday to reach $1,331.25/metric ton, gaining $40.75/metric ton over the week. A steep backwardation remained a defining feature of the market—the September/October spread widened to $138/metric ton by September 11, making the storage of gasoline components economically unprofitable. Gasoline inventories at the ARA hub rose by 1.9% over the week ending September 10 to 902,000 metric tons, rebounding from multi-year lows but remaining historically low. At the same time, naphtha stocks at the ARA hub plummeted by 16.1% to 266,000 metric tons—the lowest level since January 2024. Water levels on the Rhine had dropped to a critical 22 cm at the Kaub gauge by September 11, severely limiting barge deliveries to inland regions. The INEOS steam cracker in Grangemouth (UK) entered a scheduled shutdown, increasing pressure on the olefins market amid already weak margins. Transatlantic arbitrage remained effectively closed: by September 10, the October RBOB/EBOB spread had turned negative to −2.64 cents/gallon, keeping excess Northwest volumes within the region.
Mediterranean (Med) The Mediterranean region was the main source of tightness throughout the week, maintaining the highest regional premium. An unscheduled shutdown at Switzerland’s only refinery, Cressy (capacity 72,500 b/d), combined with low water levels on the Rhine that blocked alternative supply routes, sharply exacerbated the supply situation. According to pricing agencies, FOB Med gasoline rose to $1,335.50/t by September 11—a weekly increase of $120.75/t; on Thursday, the region’s premium to ARA reached $40.50/metric ton. Partial scheduled maintenance at the Italian San Nazaro refinery (FCC and hydrocracking units) and preparations for a shutdown of the hydrocracker at Sines (Galp, Portugal) through the end of September supported expectations that the deficit would persist. Greece’s Hellenic was considering postponing maintenance at its Thessaloniki refinery until 2027 in an effort to capitalize on high margins. Problems with the CPC terminal were also cited by market participants as an additional constraining factor. ULSD diesel FOB Med rose by $162.25/metric ton over the week to $1,560.75/metric ton, Jet fuel FOB Med rose by $168.50/metric ton to $1,559.75/metric ton; naphtha FOB Med rose by $73.75/metric ton to $846/metric ton.
Russia & CIS During the period under review, the Russian gasoline market was increasingly supplied by India and China. This left traditional buyers of Russian light petroleum products without their usual volumes, indirectly exacerbating the supply shortage in the Mediterranean region. Disruptions related to the Russia-Ukraine conflict, according to estimates by a number of market participants, limited the flow of petroleum products that, under different circumstances, could have reached Mediterranean markets. Sanctions legislation requirements for documentary proof of the origin of goods continued to generate significant transaction costs and had a structural impact on trade in the region.
West Africa (WAF) Against the backdrop of a transatlantic arbitration process that has effectively been suspended, West African volumes—traditionally geared toward the U.S. coast—have faced reduced demand from the United States. At the same time, the sharp rise in the price of Middle Eastern crude and threats of transit disruptions through the Bab el-Mandeb Strait have shifted traders’ focus to supplies from the Persian Gulf region and Asia. The widening of the East/West spread for naphtha—from $55.75/metric ton to $65/metric ton over the course of the week—stimulated a shift of some Mediterranean volumes toward Asia; however, physical flows in this direction remained moderate. Given this configuration of price incentives, West African petroleum product producers had limited opportunities to increase exports to Europe amid narrowing margins.
Global Factors The defining event of the week was a sharp escalation of military tensions in the Middle East. The U.S. military destroyed five Iranian tankers in response to attacks on naval facilities; in the early hours of September 9, Iran fired at least 20 ballistic missiles toward Jordan. On September 10, Yemeni forces captured the port city of Mocha on the Red Sea, which immediately raised serious concerns about disruptions to transit through the Bab el-Mandeb Strait and the Strait of Hormuz — two key maritime corridors for global trade in petroleum products. The geopolitical premium returned to oil prices, pushing up the entire product curve. The International Energy Agency reported that global refining capacity reached a summer peak of 81.4 million bpd in August — an increase of 690,000 bpd month-over-month — amid record-high utilization rates at U.S. refineries and increased refining activity in China. Petrochemical margins for crude oil cracking deteriorated sharply amid high flat prices, shifting demand for crude oil primarily toward gasoline blending. Collectively, geopolitical risks, a supply shortage in the Mediterranean, and low crude oil inventories in the ARA region drove a weekly increase in Jet CIF NWE jet fuel prices of $171/metric ton to $1,590.50/metric ton—the largest price increase among all tracked products.