Northwest European Gasoline Margins Drop $7.23

Northwest European Gasoline Margins Fall

On Wednesday, Northwest European gasoline refining margins declined by $7.23, reaching $32.73 per barrel, after oil prices surged more than 5%.

Sahara sold 4,000 tons of Eurobob E10 gasoline to Varo, while Trafigura transferred 2,000 tons of Eurobob E5 gasoline to Gunvor and MB Energy.

Russia announced a ban on diesel exports and said it will commence fuel imports in July to alleviate widespread gasoline and diesel supply shortages, according to Deputy Prime Minister Alexander Novak.

President Donald Trump declared that the interim Iran peace agreement is over and warned of possible U.S. strikes following Iranian attacks on U.S. bases in the Gulf.

The rise in oil prices of over 5% contributed to a decline in global equity and bond markets.