Northwest European Gasoline Margins Reach Four‑Year High
Northwest European gasoline refining margins climbed 75 cents to $35.43 per barrel on Tuesday, the highest level recorded since mid‑2022, as supply concerns pushed margins higher.
Shell sold approximately 6,000 metric tonnes of Eurobob E10 gasoline via barges to Exxon Mobil and Varo Energy. In a separate transaction, Exxon Mobil transferred about 14,000 metric tonnes of Eurobob E5 gasoline barges to Gunvor and TotalEnergies.
U.S. Treasury Secretary Scott Bessent called on gasoline retailers to reduce prices on the occasion of the United States' 250th birthday, supporting President Donald Trump’s message and warning, “we’re watching.”
Japan reported a 5.2% year‑on‑year decline in domestic oil product sales for May, falling to 1.98 million barrels per day. Gasoline sales specifically dropped 0.9% to 700,436 barrels per day.
According to the Russian daily Kommersant, Russia may permit companies to temporarily produce and import lower‑quality gasoline and diesel as it addresses a fuel crisis triggered by Ukrainian attacks on its refineries.
The Indian government issued an order reducing windfall taxes on diesel and aviation turbine fuel exports while increasing the export duty on petrol.
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