Northwest European gasoline refining margins climbed to $39.25 per barrel on Tuesday, up nearly $3 from prior levels, as supply tightness supported prices.
Trading activity in gasoline barge cargoes increased, with 10,000 metric tons of E5 product changing hands. Trafigura, ExxonMobil and Equinor were among the sellers, while TOTSA acted as the buyer. Separately, 11,000 tons of E10 gasoline barge cargoes were traded, with Exxon, Sahara and Shell listed as sellers and Varo, ATL and MB Energy as buyers.
Supply constraints were further highlighted by Saudi Aramco’s resumption of oil loading operations from inside the Strait of Hormuz last week. Additional tankers were queued to load as the state energy company offered heavy crude cargoes for spot trade. The move followed Iran’s earlier claim that the waterway remained closed to shipping, though U.S. President Donald Trump stated on Tuesday that the Strait of Hormuz was open and no talks with Iran were scheduled.
In China, refined oil product exports fell 12.9% year-over-year in July, though volumes rose 6.7% from June as refiners took advantage of relaxed export restrictions to ship more fuel overseas.
