The balance-month Med/NWE gasoline spread swap -- the differential between the balance-month Mediterranean cargoes swap and the equivalent Eurobob gasoline barge swap -- narrowed Wednesday, due to a weaker Northwest paper European market, market sources said.
The May Med/NWE swap was heard pegged at minus $7.50/mt Wednesday, up from minus $9.50/mt assessed by Platts Tuesday.
The NWE paper market continued its downward trajectory Wednesday, tracking falls in the US RBOB futures markets.
Conversely, Mediterranean fundamentals pointing to a balanced market were largely unchanged, according to market sources.
"I would say in general the Med [is] better than most regions," said a Mediterranean refiner.
