Northwest European gasoline refining margins increased by $5.97 to reach $38.97 per barrel on Monday, according to market reports, as crude oil prices held around one-week lows following what was described as a pause in strikes between the U.S. and Iran over the weekend.
Trading screens showed multiple cargo movements among the region's major producers and traders. Exxon Mobil sold 2,000 metric tons of Eurobob E5 barges to Gunvor on the Argus platform. Shell completed a set of sales that included 6,000 metric tons of Eurobob E10 barges split between Trafigura and MB Energy, and also sold an E5 barge into the Platts window to Trafigura.
On the policy front, officials in Italy indicated the cabinet is preparing measures aimed at addressing rising fuel prices, according to government sources and a senior lawmaker on Monday. Those officials also voiced concern about the potential fiscal impact of any intervention.
In Russia, Deputy Prime Minister Alexander Novak told Interfax on Saturday that the country will extend its ban on gasoline exports through the end of the year. Novak added that Russia's diesel export ban will be lifted "as the market recovers," using that exact phrasing to describe the future adjustment.
Separately, a Ukrainian drone strike ignited a fire at the Tyumen refinery in western Siberia on Saturday. Local Russian authorities reported that the fire was later extinguished.
The combination of elevated refining margins, visible physical trades, government intervention considerations and regional supply disruptions highlights a market environment where price signals, policy measures and operational incidents are interacting. Traders' activity in Eurobob barges underscores ongoing physical market flows even as macro drivers keep crude prices in a narrow range.
Summary of developments
- Northwest European gasoline refining margins rose $5.97 to $38.97 per barrel on Monday.
- Major commercial trades included Exxon's sale of 2,000 metric tons of Eurobob E5 to Gunvor, and Shell's sales of 6,000 metric tons of Eurobob E10 to Trafigura and MB Energy, plus an E5 barge to Trafigura in the Platts window.
- Italy is planning measures to tackle higher fuel prices, with officials concerned about fiscal costs; Russia will extend a gasoline export ban through year-end while planning to lift a diesel export ban "as the market recovers."
- A drone strike in western Siberia sparked a fire at the Tyumen refinery on Saturday that local authorities said was subsequently put out.
This report compiles market activity and official statements available in public trading and news reports.