NewsFlashEurope gasoline trades at $967/t high

16 April 2008 09:59  [Source: ICIS news]

LONDON (ICIS news)--Benchmark 10ppm gasoline barges struck a new record high on Wednesday, with barges being traded at $967/tonne (€609/tonne), $2/tonne up from last Thursday's previous record high, brokers said.

The trade involved around 8,000 tonnes of material sold on an FOB (free on board) ARA (Amsterdam, Rotterdam, Antwerp) basis.

Morning trades were done in a $963-967/tonne FOB AR range.

US weekly stock data released by the Energy Information Administration (EIA) was expected to show a 1.8m bbl decrease in gasoline stocks last week, market analysts predicted.

Gasoline prices on both sides of the Atlantic were experiencing upward pressure due to strong crude oil futures and reduced gasoline stock levels in the US, despite levels remaining close to record high levels.

The fall in stock level in the US, according to the EIA, was a result of lower production levels by US refiners due to poor refining margins and a lower level of imports into the US.

Sources in the market forecast that demand for gasoline would be lower than normal during the forthcoming US summer driving season.

($1 = €0.63)

By: Kawai Wong
+44 20 8652 3214

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