Europe gasoline falls $35/t in wake of crude drop

22 July 2008 16:34  [Source: ICIS news]

LONDON (ICIS news)--Europe gasoline prices fell by $35/tonne in afternoon trading on Tuesday after crude futures declined $4/bbl, market sources said.

 

Gasoline which had hit $1,090/tonne in morning trading, fell to $1,055/tonne on an FOB (free on board) AR (Amsterdam, Rotterdam) basis.

 

Gasoline’s ongoing volatility over recent months has been mentioned as a factor behind slowing activity in a number of related markets.

 

Blending components such as methyl tertiary butyl ether (MTBE) and ethyl tertiary butyl ether (ETBE) are seeing reduced demand, with market participants saying weak demand for gasoline combined with rapid price shifts were making the market difficult to read.

 

Crude futures fell on the back of the rally in the dollar after comments by US officials sparking speculation about the possibility of an interest rate hike.

 

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By: Rachel Howat
+44 20 8652 3214

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