European Refinery Margin Benchmark

European Refinery Margin Benchmark Rolling Month 1

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European Refinery Margin Benchmark Forward Curve

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Calculation Example

Product
Exchanges
Price
Weights
Conv to bbl
LPG
European Propane CIF ARA (Argus) Futures
$307.78
6.00%
12.40
Naphtha
European Naphtha Cargoes CIF NWE (Platts) Futures
$409.38
10.50%
8.90
Gasoline
Gasoline Euro-bob Oxy NWE Barges (Argus) Futures
$448.69
31.00%
8.33
Jet Fuel
Jet Fuel Cargoes CIF NWE (Platts) Futures
$464.26
4.00%
7.88
Gasoil
ULSD 10ppm Cargoes CIF NWE (Platts) Futures
$443.60
28.00%
7.45
HSFO
European 3.5% Fuel Oil Barges FOB Rdam (Platts) Futures
$248.65
12.50%
6.35
LSFO
European 1% Fuel Oil Cargoes FOB NWE (Platts) Futures
$343.40
4.00%
6.35
VLSFO
Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Future
$345.83
4.00%
6.35
Finished Product (bbl)
$51.34
Crude
Dated Brent (Platts) Financial Futures
$52.30
-100%
Feedstock (bbl)
-$52.30
Refinery Margin (bbl)
-$0.96

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Trading View

Omar Naveed Kayaam

Head of Trading
"The refinery margin benchmark is a powerful tool for those with hedging needs but also for traders needing to stay aware of changes across the whole oil spectrum when focused on one product. This is especially important in these times. The inclusion of the VLSFO in the margin should provide an updated assessment of refinery profits not included in calculations seen elsewhere."
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