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Europe Gasoline/Naphtha-Gasoline crack spreads firm

ReutersDec 2, 2025 5:10 PM

- Northwest European gasoline refinery profit margins rose by about 90 cents to $17.78 a barrel.

  • About 8,000 metric tons of Eurobob E5 gasoline traded on barges on Tuesday, as TotalEnergies, Glencore and Trafigura sold to Aramco Trading and BP.

  • A further 4,000 tons of Eurobob E10 gasoline barges traded in the session, with BP selling TotalEnergies.

  • EU and UK gasoline exports hit 913,000 barrels per day last month, slightly below October's 945,000 bpd, Kpler data shows. Exports to West Africa for the month stood at about 500,000 bpd, their highest since February 2023, as operational issues at Nigeria's Dangote refinery increased demand along the route.

  • The Dangote refinery said on Monday it is able to deliver 1.5 billion litres of petrol a month and invited the sector regulator to validate daily volumes after the watchdog published data saying it was supplying only around a third of that.

  • Eurobob blending margins in the Amsterdam-Rotterdam-Antwerp region have shifted to a more neutral position, Sparta Commodities analyst Philip Jones-Lux said. Margins for E5 blends are firmly closed, while E10 blends remain just slightly viable, he said, adding that this usually indicates a balanced market in terms of refinery supply.

Trade

Bid

Offer

Prev.

Seller

Buyer

Ebob Barges MOC Platts E5

(fob ARA)

EUROBOB-ARA

Ebob Barges E10 Platts (fob ARA)

Ebob Barges Argus E5 (fob ARA)

$661 (8KT)

$676.25 (6KT)

TotalEnergies, Glencore, Trafigura

BP, Aramco Trading

Ebob Barges E10 Argus (fob ARA)

$659.25 (4KT)

$675 on 3KT (1KT assessed)

BP

TotalEnergies

Jan. swap (fob ARA)

$634.50

$640.25

Premium Unleaded (fob ARA)

PU-10PP-ARA

Cargoes

(fob MED)

Cargoes (cif NWE)

Naphtha

(cif NWE)

NAF-C-NWE

-$1.25 with 16-31 December pricing

Ebob crack (per barrel)

$17.78

Prev. $16.88

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

RBc1-CLc1

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