17 August 2009 09:52 [Source: ICIS news]
By Desmond Chia
SINGAPORE (ICIS news)--Asian methyl tertiary butyl ether (MTBE) prices have risen sharply recently due to higher crude values and tighter availability from the Middle East, but future outlook is linked to demand from Europe, industry sources said on Monday.
Asian MTBE prices rose to $770-780/tonne (€539-546/tonne) FOB (free on board) ?xml:namespace>
Prices had dropped below $700/tonne FOB
Suppliers said prompt availability was so tight in
Market sources said cargoes from the Middle East would be available by early September, rather than the second half of August as had been expected earlier, because of higher domestic demand in the Middle East and exports to
A major Middle Eastern producer was said to be running its plants at close to full rate, but most of its supplies had been diverted to northwest Europe (NWE) due to better prices there.
MTBE prices in
Middle Eastern producers had preferred selling cargoes to the west because
European players had soaked up much of the MTBE supplies from the Middle East because of surging demand for mogas from the
The sudden flat price rally of
The higher gasoline values in the
However, traders said that as the summer driving season was coming to a close,
($1 = €0.70)
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