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Europe Gasoline/Naphtha-Gasoline refining margins edge higher

ReutersJan 19, 2026 5:15 PM

- Northwest European gasoline refinery profit margins rose by about 42 cents on Monday, to $7.36 a barrel, in brisk trading activity.

  • About 26,000 metric tons of Eurobob E5 gasoline traded on barges in the Argus window as ExxonMobil, Equinor, and Trafigura sold to BP, Shell, and Varo.

  • An additional 24,000 tons of Eurobob E10 cargoes traded, with TotalEnergies, ExxonMobil, and Phillips66 selling to Shell, MB Energy, Varo and BP.

  • Energy Aspects says winter gasoline has softened more than expected due to large US stockbuilds, but the consultancy still forecasts very tight global balances in spring, implying upside for gasoline timespreads even if draws start from a higher base.

  • "Further ramp-up at Dangote to nameplate capacity would pose downside risk to our bullish view," they added in a note.

  • The Russian government may lift a ban on petrol exports for producers from February, Russia's Interfax news agency reported on Monday, citing sources.

  • Meanwhile, EU-27 and UK gasoline and blending component exports to other regions have averaged 754,000 barrels per day in January so far, compared to 791,000 bpd across the full month of December.

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)

$601.50 (26KT)

$600.50 (16KT)

Trafigura, Exxon Mobil, Equinor

BP, Shell, Varo

Ebob Barges E10 Argus (fob ARA)

$599.75 (24KT)

$597.50 (4KT)

TotalEnergies, Phillips66, ExxonMobil

Shell, MB Energy, BP

Feb. swap (fob ARA)

$618

$618.25

Premium Unleaded (fob ARA)

PU-10PP-ARA

Cargoes

(fob MED)

Cargoes (cif NWE)

Naphtha

(cif NWE)

NAF-C-NWE

Ebob crack (per barrel)

$7.36

Prev. $6.94

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

RBc1-CLc1

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