High jet kerosene prices lift Europe white sprit values

07 September 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--The European free-delivered white spirit market saw increases of €70/tonne ($89/tonne) as jet kerosene values continued to increase, sources said on Friday.

The firm jet kerosene numbers saw white spirit firm to €950-980/tonne FD (free delivered) NWE (northwest Europe). Demand for jet kerosene cargoes and high gasoil values pushed up white spirit prices in both Europe and in the UK.

Sources said buyers coming back from holidays now had to decide whether to accept the higher numbers being offered by producers, or whether they can hold off from buying.

A UK-based distributor said the business environment had picked up in August and the outlook for September is reasonable.

According to manufacturing data released by financial information company Markit and the Charted Institute of Purchasing and Supply (CIPS), there was a stabilisation in the UK manufacturing sector after a slump in July. The report said the recovery was in part driven by higher prices for oil and related products.

White spirit is used in the paints and decorative gloss sector, industrial cleaning and in the wood preserving industry, which in turn are driven by manufacturing, home improvements and construction.

($1 = €0.79)

By: Kate Wilcock
+44 208 652 3214

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