19 April 2013 17:05 [Source: ICIS news]
LONDON (ICIS)--The methyl tertiary butyl ether (MTBE) factor against gasoline barges edged down this week, as poor demand continues to take effect on the European market, sources said on Friday.
The factor was between 1.10-1.11 this week, compared with 1.13-1.14 last week.
One trader said it had seen more buying interest in the spot market, but with plenty of material still in storage in Europe, this has yet to translate into actual trades.
“Hopefully this interest we are now seeing will help to shift some of the excess material,” the trader added.
One producer is hopeful for an upturn in demand towards the second half of May in the Mediterranean region.
For now, however, it continues to produce enough volume to supply its customers’ contractual requirements.
Prices also came under pressure on declining crude and upstream energy values, which plummeted on the back of disappointing economic data from China and the US.
MTBE traded between $1,018-1,030/tonne FOB (free on board) AR (Amsterdam-Rotterdam) in Europe this week.
($1 = €0.77)
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