NewsFlashEurope gasoline trades at record $877/t

03 January 2008 12:12  [Source: ICIS news]

LONDON (ICIS news)--Europe premium unleaded gasoline traded at a record high of $877/tonne (€596/tonne) on Thursday, driven by new crude highs and some supply tightness in northwest Europe, said a UK broker.

The trade, done on an FOB (free on board) AR (Amsterdam Rotterdam) basis, beat the previous high for 10 ppm (parts per million) gasoline of $860/tonne reached on 7 November 2007, according to global chemical market intelligence service ICIS pricing.

“As far as I can tell this [the crude gain] is what gasoline’s increases are based on, although I understand there is some tightness in northwest Europe which might also be playing a part,” said a major UK broker. 

Sources were unable to comment on whether gasoline values would continue to rise.

“Crude is proving volatile. It is virtually impossible to predict what will happen on any given day,” said one European gasoline trader.

NYMEX light sweet crude futures gained more than $4/bbl on Wednesday to take the front-month February contract briefly up to the $100/bbl mark and ICE Brent crude futures have since climbed to a new record high of $98.50/bbl.

($1 = €0.68)

By: Charles Shaw
+44 20 8652 3214

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