Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1313.75 | -19.75 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1238.00 | -19.75 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 140.43 | -2.34 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1323.50 | -4.25 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1498.25 | -60.50 |
| ULSD | CIF Med ($/mt) | 1489.00 | -105.75 |
| ULSD | FOB Med ($/mt) | 1467.00 | -112.00 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 157.50 | -11.74 |
| Gasoil | FOB Singapore ($/bbl) | 174.35 | -9.91 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1549.75 | -65.75 |
| Jet | FOB Med ($/mt) | 1508.25 | -76.75 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 845.25 | -21.75 |
| Naphtha | FOB Med ($/mt) | 797.50 | -35.00 |
| Naphtha | FOB Singapore ($/bbl) | 96.42 | -0.84 |
| Naphtha | FOB Arab Gulf ($/mt) | 691.23 | -18.56 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 603.50 | +16.75 |
| HSFO 3.5% | FOB Med ($/mt) | 580.50 | +16.75 |
Региональный анализ рынка
Northwest Europe (NWE)
It was an exceptionally volatile week: Thursday’s surge of $61/t (FOB AR Eurobob reached $1,316/t) almost completely offset Friday’s plunge of $78/t, and over the course of the seven days, prices fell by $19.75/metric ton to $1,238/metric ton. Gasoline stocks at the ARA hub fell by 3.42% to 1.02 million metric tons over the week, although on a month-over-month basis they remain 35% above the seasonal low. The Rhine has become a critical logistical factor: the water level at the Kaub gauge fell from 22 cm on Monday to 5 cm by Friday, and 1 cm is forecast by September 29—the transportation collapse is effectively cutting off Germany and Switzerland from coastal terminals. A shortage of octane components prevented the market from falling even further: reformed was trading at a premium of $233.25/t to the front-month E5 swap, while MTBE hit a multi-year spread high of $486.75/t. Retail gasoline prices in the UK reached 172.01 pence/liter—a four-year record; the EU average rose by 1.4% over the week to €2.09/liter, which is 29% higher than last year’s levels. Governments responded with targeted measures: the Czech Republic introduced retail price caps and a tax on refiners’ windfall profits, France requested that the European Commission temporarily relax fuel quality standards, and Italy maintained subsidies with caps of €1.99/liter for gasoline and €2.19/liter for diesel.
Mediterranean (Med)
Mediterranean diesel saw the sharpest correction among all products in the region: ULSD FOB Med lost $112/metric ton—twice as much as the equivalent CIF NWE contract (−$60.50/metric ton). FOB Med jet fuel fell by $76.75/metric ton to $1,508.25/metric ton, also outpacing the decline in Northern Europe. Against this backdrop, 3.5% HSFO stood out strikingly: both Mediterranean contracts gained $16.75/metric ton—to $603.50/metric ton (CIF) and $580.50/metric ton (FOB). The gasoline market remained structurally tight: Greek shipments and two cargoes from the Red Sea only partially offset the shortage, MTBE arbitrage from China closed out, and scheduled maintenance shutdowns at several regional refineries limited supply. FOB Med naphtha fell by $35/metric ton to $797.50/metric ton — a steeper decline than in NWE (−$21.75/mt), reflecting weak demand from the petrochemical sector and the absence of any significant recovery in cracker margins. The corporate highlight of the week was the completion of a deal: the Ludoil Group acquired a 51% stake in the Italian ISAB refinery in Sicily from GOI Energy after successfully completing the government’s Golden Power procedure.
Russia & CIS
High-sulfur fuel oil (HSFO) at 3.5%—a key export product of Black Sea and Baltic terminals—ended the week up +$16.75/t, remaining the only product to show positive momentum across all segments. Prices reached $603.50/metric ton (CIF Med) and $580.50/metric ton (FOB Med), reflecting steady demand from the Mediterranean bunker market and the power generation sector. For distillate products, the backdrop remained negative: record freight rates on the Persian Gulf–Northwest Europe route ($156.11/t for LR2, 90,000 metric tons) raised the competitive threshold for Atlantic Basin suppliers and indirectly exerted price pressure across the entire supply chain. Price negotiations within the MOC’s crude oil valuation window were accompanied by standard requirements regarding documentation of the raw material’s origin, continuing to shape the conditions for access to European markets. Geopolitical uncertainty surrounding the Middle East—the temporary closure of the Strait of Hormuz on Thursday and negotiations on the sidelines of the UN General Assembly—remained the main external factor driving volatility across the entire region.
West Africa (WAF)
The West African market experienced disruptions in traditional export flows amid a shift in the Atlantic arbitrage. The transatlantic gasoline arbitrage briefly opened during the first ten days of October shipments, but by the end of the week, the route’s economics had deteriorated: the October RBOB–EBOB spread fell to minus 9.19 cents/gal (September 24), which limited the incentives for transatlantic shipments. FOB Arab Gulf naphtha fell by $18.56/metric ton to $691.23/metric ton, signaling continued pressure on feedstocks throughout the Atlantic supply chain. The shift in jet fuel imports to Europe from traditional routes through the Persian Gulf to Asian sources—out of 643,100 metric tons of total imports for the week starting September 21, more than 580,000 metric tons came from Asia—indirectly intensifying competition for available shipments in the Atlantic basin. Physical demand for naphtha in the region was driven primarily by export needs to Europe and Asia, while the steady decline in European cracker margins held back a recovery.
Global Factors
The defining event of the week was the 81st session of the UN General Assembly: U.S. President Trump’s talks with Iranian President Pezeshkian and the anticipated meeting with Chinese President Xi Jinping earlier in the week reduced the geopolitical premium in oil futures, putting pressure on the market on Monday. However, on Thursday, the temporary closure of the Strait of Hormuz instantly changed the picture: freight rates on the Persian Gulf–Northwest Europe route hit a record of $156.11/metric ton for LR2, while CIF NWE jet fuel soared to $1,607.75/metric ton (+$31.75/metric ton for the session). Friday’s diplomatic détente reversed the trend: jet fuel retreated by $58/metric ton, and the week as a whole ended with distillates posting deep losses. Saudi Arabia continued to direct crude primarily to Asia, limiting supply to European refineries; the seasonal maintenance shutdowns in Western Europe affected approximately 660,000 b/d of capacity. Jet fuel imports into Europe for the week ending September 21 totaled only 643,100 metric tons compared to 1.153 million metric tons the week before—nearly the entire volume came from Asia, marking a shift in the traditional supply geography amid geopolitically complicated routes through the Persian Gulf. On the demand side, new passenger car registrations in the EU for January–August 2026 rose by 5.3% year-over-year, with a steady increase in the share of electrified models—a trend that moderately curbing long-term growth in fuel consumption.