Northwest European gasoline refining margins eased on Thursday, decreasing by $1.05 to $21.85 per barrel. The fall in margins took place at a time when independently held gasoline inventories in the Amsterdam-Rotterdam-Antwerp (ARA) complex registered a decline during the prior week, according to data compiled by Dutch consultancy Insights Global.
Trading in the Argus window showed a number of bilateral moves among commodity traders and refiners. Trafigura sold roughly 2,000 metric tons of Eurobob E5 gasoline barges to TotalEnergies. In a separate transaction, about 2,000 metric tons of Eurobob E10 gasoline barges moved from TotalEnergies to Varo.
Activity in the Mediterranean market also featured a reported cargo sale. Trafigura sold a June 18-22 cargo to BP on a free-on-board (FOB) Rijeka basis at a $21 per ton premium to the June Mediterranean contract.
On stock levels, ARA gasoline inventories declined by 7% over the week, falling to 1.03 million tons. Lars van Wageningen of Insights Global attributed the reduction in ARA stocks to significant export flows directed to the United States, the broader Mediterranean region, and West Africa.
Separately, Russian-controlled Crimea implemented tighter fuel rationing measures on Thursday. Authorities there halted all cash sales of gasoline and stopped issuing new purchase coupons. Local officials said these steps follow fuel supply constraints that have been linked to Ukrainian drone strikes.
The combination of lower margins, active cargo movements, and shrinking ARA stocks highlights a market in which regional supply balances are being influenced by both commercial export flows and geopolitical disruptions. The data from Insights Global and the reported trades between major market players provide a snapshot of near-term flows and pricing pressure across northwest Europe and adjacent regions.
Market snapshot
- Northwest European gasoline refining margins: down $1.05 to $21.85 per barrel.
- ARA gasoline stocks: down 7% to 1.03 million tons.
- Notable trades: Trafigura sold ~2,000 metric tons Eurobob E5 to TotalEnergies; 2,000 metric tons Eurobob E10 moved from TotalEnergies to Varo; Trafigura sold a June 18-22 Mediterranean cargo to BP at $21/ton premium FOB Rijeka.