Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1333.50 | -51.75 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1257.75 | -73.50 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 142.77 | -0.78 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1327.75 | -37.00 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1558.75 | +0.75 |
| ULSD | CIF Med ($/mt) | 1594.75 | +18.00 |
| ULSD | FOB Med ($/mt) | 1579.00 | +18.25 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 169.24 | -9.95 |
| Gasoil | FOB Singapore ($/bbl) | 184.26 | -7.65 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1615.50 | +25.00 |
| Jet | FOB Med ($/mt) | 1585.00 | +25.25 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 867.00 | -14.00 |
| Naphtha | FOB Med ($/mt) | 832.50 | -13.50 |
| Naphtha | FOB Singapore ($/bbl) | 97.26 | -5.95 |
| Naphtha | FOB Arab Gulf ($/mt) | 709.79 | -97.26 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 586.75 | -8.25 |
| HSFO 3.5% | FOB Med ($/mt) | 563.75 | -9.25 |
Региональный анализ рынка
Northwest Europe (NWE)
The week on the gasoline market in Northwestern Europe was marked by exceptional volatility. On Monday, FOB ARA barge prices soared to $1,384/metric ton amid a shortage of octane components and a sharp rise in crude oil prices; however, by Friday, they had corrected to $1,257.75/mt—a net decline of $73.5/mt for the week. The backwardation in the September/October spread remained abnormally high—around $117/metric ton—reflecting ongoing tightness in the spot market. Gasoline inventories at the ARA hub rose by 16.63% week-over-week to 1.052 million metric tons, however, the increase did not ease pressure, as the availability of butane and high-octane components for winter blending remained critically low: “Virtually all refineries are holding onto their butane,” market participants reported. The Eurobob crack spread strengthened to $38.08/barrel by Friday. Crude oil inventories in the ARA region rose by 6% over the week to 282,000 metric tons, which is nevertheless half the level seen in September 2025. Jet fuel prices in the region were assessed higher: ARA inventories rebounded by 19.6% week-over-week to 543,000 metric tons, but remain 49% below last year’s levels.
Mediterranean (Med)
The Mediterranean market remained the tightest in the region. Market participants reported no visible gasoline shipments on the horizon for the next 20 days, and inventory replenishment is expected exclusively from the northwest. The Med/NWE spread for gasoline held steady at around +$32/metric ton throughout the week, which attracted cargoes from ports in the U.S. Gulf of Mexico. ULSD diesel in the Mediterranean emerged as the week’s biggest winner: prices rose by $18.0–18.25/mt to $1,594.75/mt CIF and $1,579/mt FOB. FOB Med jet fuel gained $25.25/mt to $1,585/mt, driven by steady demand and tight supply. Naphtha FOB Med fell by $13.5/t to $832.5/t amid weakening petrochemical demand and the redirection of Mediterranean cargoes eastward. HSFO 3.5% fuel oil lost about $8.5–9.25/metric ton, ending the week in the range of $563–587/metric ton.
Russia & CIS
The region acted more as a stabilizing factor for supply than as a source of volatility. The resumption of operations at the CTK terminal in Kazakhstan following technical disruptions was interpreted by market participants as a positive signal regarding the availability of Caspian oil in the Black Sea region. Oil trading continued to strictly limit supplies of Russian origin: given the current EU sanctions, participants in the MOC trading window insisted on certificates of origin and a complete rejection of Russian crude in the production of goods. The sanctions environment exerted indirect pressure on the routing of petroleum product flows: some of the volumes that traditionally moved through the Black Sea were rerouted via alternative routes.
West Africa (WAF)
West Africa remained an active supplier of jet fuel to Europe: Nigeria shipped 298,000 metric tons of jet fuel and kerosene to European ports—nearly on par with August’s 303,000 metric tons. Total jet fuel imports to Europe from September 1 through 18 amounted to 1.6 million metric tons, down from 1.9 million metric tons in August. Notably, South Korea became the largest supplier during this period—453,000 metric tons, the highest monthly figure since October 2022. High forward prices in Europe continued to stimulate shipments from distant regions, although rising freight rates amid tensions in the Middle East partially eroded the arbitrage potential.
Global Factors
The main event of the week was the temporary shutdown of the Saudi East-West oil pipeline, with a capacity of 7 million barrels per day. Following a series of attacks on September 10, Brent crude broke through the $100/barrel mark, pulling all oil products higher at the start of the week. By midweek, the threat had partially subsided: the U.S. Secretary of Energy stated that the pipeline could resume operations as early as this week, triggering a pullback. At the same time, Houthi threats to shipping in the Red Sea and reports of downtime at the Jazan refinery supported geopolitical risk premiums. European refineries were operating at exceptionally high margins, and some scheduled maintenance was postponed; while steam crackers operated at an average of only 70% of capacity due to the devastating impact of high crude oil prices on petrochemical margins. An additional limiting factor was low water levels on the Rhine and Danube, which hampered the transport of raw materials and products into the interior of Europe.