NewsFlashEurope gasoline trades at record $887/t

19 February 2008 17:49  [Source: ICIS news]

LONDON (ICIS news)--Europe premium unleaded gasoline gained $20/tonne to trade at a record high of $887/tonne (€603/tonne) on Tuesday, mainly driven by crude gains and strong demand, according to a UK broker.

Cargill sold a 1,000 tonne barge to Gunvor on an FOB (free on board) AR (Amsterdam Rotterdam) basis late in the afternoon.

The trade was $10/tonne higher than the previous record of $877/tonne FOB AR, set at the beginning of January.

“The crude rise was the main factor here,” said a London-based broker. “Though we are now seeing good demand ahead of the summer driving season.”

Crude prices rose more than $2/bbl on Tuesday to take Brent crude on London’s ICE Futures above $97.00/bbl, driven by supply issues and expectations that OPEC was likely to leave output unchanged at its March meeting.

March NYMEX crude hit an intraday high of $98.55/bbl, a gain of $3.05/bbl over the previous close. NYMEX futures did not settle on Monday due to the US national holiday.

($1 = €0.68)

By: Charles Shaw
+44 20 8652 3214

< previous article(VIDEO – ICIS news Americas Lunchtime Bulletin 27 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly