Market Overview
Northwest European gasoline refining margins eased by roughly $1, settling at $44.43 per barrel on Monday, yet they remain close to a four‑year peak. The LCO index rose 0.87%, while the GPR index slipped 0.37%.
Geopolitical Development
The Iran‑aligned Houthis in Yemen announced a naval blockade of Saudi Arabia, describing it as a new front against the United States in its conflict with Iran. The statement warned that the blockade expands the threat to global energy supplies and trade beyond the Gulf region.
Domestic Price Impact
In the United States, gasoline pump prices breached the $4 per gallon threshold on the same day, following renewed hostilities with Iran that further disrupted oil flows through the Strait of Hormuz, a critical conduit for global oil supplies.
Trading Activity
- 6,000 tons of Eurobob E5 barges were transacted on the Argus platform, with BP, ExxonMobil, and TotalEnergies acting as sellers to Gunvor.
- An additional 2,000 tons of Eurobob E10 barges were sold by Shell to BP.
- Argus assessed another 1,000 tons of Eurobob cargoes in the market.
- In the Platts window, ExxonMobil sold an E5 barge to Trafigura.
Additional Notes
The article was generated with AI assistance and reviewed by an editor, as noted in the footer.