25 April 2013 18:34 [Source: ICIS news]
LONDON (ICIS)--European gasoline prices have increased by 3% week on week after dropping by 10% since late-March, industry sources said on Thursday.
Trade of European EuroBob gasoline grade picked up on Thursday, a gasoline trader said.
On Thursday, Vitol and Chevron sold to Swiss trader Gunvor at $952/tonne (€733/tonne) FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp) in the open market session, the trader added.
EuroBob prices have dropped by more than $100/tonne from 26 March to 23 April, ICIS data shows.
Last week, prices stayed stable in the $920s/tonne for the most part before increasing to $943-944/tonne on 19 April.
Despite the pick up in trade on Thursday and the hike in prices, traders maintain that gasoline demand has been slow in Europe.
"It has slowed significantly, both in Europe and in the US, partly due to [ethanol] RINs [Renewable Identification Numbers] issues," a second trader said.
Gasoline fundamentals in US and Europe, along with domestic petrochemical margins, have traditionally charted the course of naphtha demand in Europe.
The main application of naphtha is in the petrochemical production of olefins. Naphtha is also used as a feedstock for gasoline blending.
($1 = €0.77)
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