US summer demand vs European gasoline & naphtha
Explore shifting gasoline and naphtha balances as seasonal demand, freight changes and global disruptions reshape Europe’s summer market outlook.
In this episode, George Maher-Bonnett (Deputy Editor — European Products Report) is joined by Atishya Nayak (Senior Gasoline Reporter - European Products Report) and Jide Tijani (Naphtha Reporter — European Products Report) to examine how the US driving season and the US–Iran conflict are influencing gasoline and naphtha markets in Europe — from exports and arbitrage shifts to blending economics and supply disruptions.
Key themes
- Price swings: Gasoline–naphtha spread jumped to $270/t in May, a three‑year high
- European exports to US hit an 11‑month peak as freight costs collapsed
- Drivers of volatility: US–Iran conflict, summer‑grade transition and rebound in ARA blending
- Outlook risk: Tighter VGO supply, weak West African pull and narrowing US arb
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