Price Summary
| Product | Delivery Basis | Price | Weekly Change |
|---|---|---|---|
| Gasolines | |||
| Gasoline 10 ppm | CIF NWE ($/mt) | 1272.75 | -120.75 |
| Eurobob Barges | FOB Rotterdam ($/mt) | 1190.25 | -118.25 |
| Gasoline 92 unleaded | FOB Singapore ($/bbl) | 133.09 | -9.01 |
| Prem Unl 10 ppm | FOB Med ($/mt) | 1184.25 | -112.50 |
| Diesel & Gasoil | |||
| ULSD | CIF NWE ($/mt) | 1471.75 | -8.75 |
| ULSD | CIF Med ($/mt) | 1469.00 | -3.25 |
| ULSD | FOB Med ($/mt) | 1433.75 | -8.50 |
| Gasoil 10 ppm | FOB Arab Gulf ($/bbl) | 150.93 | -0.77 |
| Gasoil | FOB Singapore ($/bbl) | 170.08 | -0.40 |
| Jet | |||
| Jet | CIF NWE ($/mt) | 1630.50 | +4.00 |
| Jet | FOB Med ($/mt) | 1565.00 | -5.75 |
| Naphtha | |||
| Naphtha | CIF NWE ($/mt) | 921.50 | -3.25 |
| Naphtha | FOB Med ($/mt) | 845.25 | -14.75 |
| Naphtha | FOB Singapore ($/bbl) | 104.52 | +2.09 |
| Naphtha | FOB Arab Gulf ($/mt) | 727.31 | -4.59 |
| Fuel Oil | |||
| HSFO 3.5% | CIF Med ($/mt) | 630.00 | +6.50 |
| HSFO 3.5% | FOB Med ($/mt) | 592.00 | -1.50 |
Региональный анализ рынка
Northwest Europe (NWE) The week began with a sharp rise in gasoline prices amid an acute shortage of direct supplies and strong demand for blending, however, by midweek the market turned downward: Eurobob barges lost $118.25/metric ton over the week, falling to $1,190.25/metric ton FOB Rotterdam, while CIF NWE, including the premium segment, fell by $120.75/metric ton to $1,272.75/metric ton. Market participants attributed the reversal not to a weakening of fundamental factors, but to tight liquidity and a technical sell-off in the paper market at the end of the year. Naphtha held up better than other products—CIF NWE fell by only $3.25/metric ton to $921.50/metric ton, supported by demand from the petrochemical sector and a widening of the propane-naphtha spread to an eight-month high, which encouraged a shift in cracking operations toward naphtha. Diesel remained virtually unchanged (CIF NWE $1,471.75/metric ton, -$8.75/metric ton), while jet fuel rose unexpectedly (CIF NWE $1,630.50/metric ton, +$4/metric ton) amid critically low inventories in the Amsterdam-Rotterdam-Antwerp hub and a sustained grade shift toward kerosene.
Mediterranean (Med) The Southern European gasoline market remained structurally tighter than the Northern European market: Prem Unl 10 ppm FOB Med prices fell by $112.50/metric ton over the week to $1,184.25/metric ton, following the overall downward trend, but the Med/North to Eurobob remained at a premium (around $16.50/metric ton by midweek), reflecting a shortage of volumes meeting local specifications and high freight rates limiting inflows from the north. The diesel market in the region was noticeably more stable than the gasoline market: ULSD FOB Med fell by only $8.50/t to $1,433.75/t, while CIF Med fell by $3.25/metric ton to $1,469/metric ton. FOB Med jet fuel declined by $5.75/metric ton to $1,565/metric ton, while fuel oil showed mixed trends—HSFO 3.5% CIF Med rose by $6.50/t to $630/t, while FOB Med fell by only $1.50/metric ton to $592/metric ton, indicating continued local demand for high-sulfur fuel amid a generally weakening market for light petroleum products.
Russia & CIS For export flows from the region, the week was marred by rising freight rates, which reached historic highs in the large-tonnage tanker segment as dozens of LR2 vessels shifted to the heavy oil products segment. This increases the cost of logistics for crude oil and diesel shipments from Black Sea and Baltic Sea ports to Europe and Asia and intensifies competition for available tonnage. At the same time, the decline in gasoline prices in Northwestern Europe (-$118.25/metric ton according to Eurobob) is narrowing the arbitrage window for counter-trade shipments of unleaded gasoline, as evidenced by the Egyptian EGPC tender for four shipments to Alexandria and Suez, where potential suppliers included producers from Turkey, Sicily, and the Fos-Laver hub—areas that traditionally compete with the Black Sea route. Overall, the general decline in prices for light petroleum products, coupled with high freight rates, is keeping export margins under pressure.
West Africa (WAF) There are few direct indicators for the region, but it is indirectly affected by the same EGPC tender for unleaded gasoline, with loading scheduled for early November in Alexandria and Suez — such demand traditionally diverts a portion of Atlantic supply that might otherwise be directed to West Africa. The rise in freight rates over the course of the week makes long-haul voyages to the region less economical, and the reallocation of part of the LR2 fleet to crude oil shipments reduces the available tonnage for product shipments overall. Against this backdrop, petroleum products destined for West African markets likely compete with closer and more profitable destinations—the Mediterranean and Asia—which may have supported premiums in the region even amid an overall decline in European base rates.
Global Factors The key factor of the week remained the escalation in the Strait of Hormuz and the Bab el-Mandeb Strait: from October 9 through 13, at least four attacks on ships were recorded, and strikes on Saudi Aramco’s infrastructure (the Shedgum facility and the Tanajib site) and at the Riyadh and Dammam airports on October 11 further drove up freight rates, which hit a new all-time high on October 12. This prompted more than 100 LR2 tankers to switch from clean to dirty cargoes, sharply reducing tonnage available for crude oil and jet fuel and widening the east-west crude oil spread to a six-month high. China’s lifting of its export ban on October 8, following a holiday week, slightly eased expectations regarding future supply, while the return to operation of the Delta Trainer refinery in the U.S. should gradually ease pressure on jet fuel prices on the Atlantic coast over the coming quarter. Aviation kerosene inventories at the Amsterdam-Rotterdam-Antwerp hub rose by 9.6% over the week to 479,000 metric tons, but remain 55% below last year’s level, which keeps the jet fuel market structurally vulnerable to any new logistical disruptions.