Gasoline refining margins in Northwest Europe reached their highest level since mid-2022, climbing to $46.74 per barrel on Thursday, according to data from Dutch consultancy Insights Global.
Independent gasoline inventories in the Amsterdam-Rotterdam-Antwerp (ARA) hub fell by approximately 14% during the week, reaching 752,000 metric tons—the lowest level in nearly five years. Analysts attributed the decline to increased exports and limited imports, with rising Rhine River water levels facilitating logistics.
Trading activity in the region included 13,000 metric tons of E5 gasoline barges, while 16,000 metric tons of E10 gasoline barges changed hands. Sellers of E5 barges included Trafigura, Aramco, and Equinor, with buyers such as MB Energy and Vitol. For E10 barges, Exxon Mobil and Shell were among the sellers, while Varo, MB, and BP were buyers.
Lars van Wageningen of Insights Global noted that the inventory drawdown reflected seasonal demand strength and logistical constraints. Meanwhile, Jorge Molinero, an analyst at Sparta Commodities, highlighted that the gradual resumption of Middle East naphtha supply is easing the war-related premium that had built up by late July, though arbitrage opportunities to Asia remain viable.
