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Europe Gasoline/Naphtha-Gasoline refining margins slide

ReutersApr 29, 2026 4:36 PM
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- Northwest European gasoline refinery profit margins fell $5.62 to $14.32 a barrel on Wednesday despite a sharp drop in U.S. inventories, as higher crude prices weighed.

  • A total of 22,000 metric tons of E5 gasoline barges traded in the Argus window as Exxon Mobil, Equinor and BP sold to TotalEnergies.

  • An additional 8,000 tons of E10 gasoline barges changed hands, with Trafigura selling to Varo.

  • U.S. gasoline stocks USOILG=ECI fell by 6.1 million barrels last week to 222.3 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel draw.

  • Total exports of all petroleum products hit 14.18 million barrels per day (bpd), up 1.298 million bpd from the week prior, while overall product supplied, a proxy for demand, rose 1.4 million bpd to 21.13 million bpd.

  • Nigeria's Dangote oil refinery has been running its gasoline-making RFCC unit at 75% capacity since April 22 owing to a temperature control issue, according to an IIR alert seen by Reuters.

  • Meanwhile, EU-27 and UK exports of gasoline have reached 865,000 barrels per day so far in April, compared with an average of 991,000 bpd for the whole of March.

Trade

Bid

Offer

Prev.

Seller

Buyer

Ebob Barges MOC Platts E5

(fob ARA)

$1093.00

Ebob Barges E10 Platts (fob ARA)

Ebob Barges Argus E5 (fob ARA)

$1114.25 (22KT)

$1094.50 - $1095.00 (5.25KT)

Exxon, BP, Equinor

TOTSA

Ebob Barges E10 Argus (fob ARA)

$1110 (8KT)

$1084.00-$1094.50 (8KT)

Trafigura

Varo

May swap

$1143.75

$1078.50

Premium Unleaded (fob ARA)

Cargoes

(fob MED)

May + $6

Cargoes (cif NWE)

Naphtha

(cif NWE)

Ebob crack (per barrel)

$14.32

Prev. $19.94

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

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