Europe gasoline prices drop 6% week on week

16 April 2013 16:58  [Source: ICIS news]

LONDON (ICIS)--European gasoline prices have dropped 6% week on week due to ongoing sluggish demand, market players said on Tuesday.

Gasoline prices for the European Eurobob grade dropped to $921/tonne (€709/tonne) FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp) on 16 April, compared to $979-981/tonne FOB ARA on 9 April, according to ICIS data.

On Tuesday, Swiss trader Gunvor sold 2,000 tonnes to Dutch trading firm Trafigura at $921/tonne FOB ARA, a trader said.

Gasoline demand is "very" poor in Europe, the trader added.

Demand could rise again once the summer driving season begins in the key US export market, industry sources said last week.

Gasoline fundamentals in US and Europe, along with domestic petrochemical margins, have traditionally charted the course of naphtha demand in Europe.

Naphtha is used extensively as a gasoline blending component and in the petrochemical production of olefins.

($1 = €0.77)

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By: Cuckoo James
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