Northwest European gasoline refining margins reached $46.74 per barrel on Thursday, the highest level since mid-2022, as inventories at the Amsterdam-Rotterdam-Antwerp (ARA) hub declined to 752,000 metric tons, the lowest in nearly five years.
Independent gasoline stocks in the ARA hub fell by approximately 14% during the week, according to data released by Dutch consultancy Insights Global. The decline was attributed to higher exports and limited imports, with analysts noting that rising Rhine water levels may support logistical flows.
Trading activity in gasoline barge cargoes increased, with 13,000 metric tons of E5 gasoline changing hands. Sellers included Trafigura, Aramco, and Equinor, while buyers included MB Energy and Vitol. An additional 16,000 metric tons of E10 gasoline were traded, with Exxon Mobil and Shell among the sellers and Varo, MB, and BP listed as counterparties.
Analysts cited a gradual normalization of Middle East naphtha supply as a factor reducing the war-peak premium observed in late July. Arbitrage opportunities to Asia were also noted as remaining viable despite the tightening regional supply.
The surge in margins reflects tighter regional supply conditions and stronger refining economics in Northwest Europe, following a period of elevated geopolitical risk premiums.
