Gasoline hits new record high at $1,216/tonne

11 July 2008 19:12  [Source: ICIS news]

LONDON (ICIS news)--Gasoline traded on Friday at a record high in Europe at $1,216/tonne (€766/tonne), on the continuing gains made by crude oil prices.

The deal was done on a free on board (FOB) Amsterdam, Rotterdam (AR) basis.

Gasoline had registered a new record high earlier in the day at $1,193/tonne FOB AR. It then traded between $1,197-1,213/tonne FOB AR before reaching its new high.

Brent crude prices hit new front-month record highs above $147.00/bbl on a variety of supply concerns earlier before prices took dip.

However, they still remained well above the previous day’s close and posted gains of over a dollar on the week, having recouped all the losses seen in the first few days.

Crack spreads for gasoline against crude continued to recover. They were pegged around -1.6 against spreads assessed earlier in the week around -3.

($1 = €0.63)

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By: Rachel Howat
+44 20 8652 3214

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