29 May 2013 17:37 [Source: ICIS news]
LONDON (ICIS)--European gasoline, or petrol, prices rose by approximately $20/tonne (€16/tonne) over the past two weeks on higher crude oil prices and shrinking stocks in the ARA (Amsterdam-Rotterdam-Antwerp) region, industry sources said on Wednesday.
June ICE Brent crude oil futures rose from $101.37/bbl at 16:30 GMT on 15 May to $102.80/bbl around 16:21 GMT on 29 May.
On Wednesday, gasoline traded at $964-967/tonne FOB (free on board) ARA, up around 2% from $945/tonne on 15 May.
A gasoline trader said four trades were concluded before 16:00 GMT on Wednesday. UK-based BP sold 2,000 tonnes each of the European EuroBob gasoline grade to Anglo-Dutch producer Shell and Swiss trader Gunvor, and 1,000 tonnes to US-based Cargill.
Meanwhile, Shell bought 2,000 tonnes of Eurobob gasoline from US-based Phillips 66. EuroBob grade is considered a benchmark in the physical gasoline markets in northwest Europe.
Gasoline fundamentals in the 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 = €0.78)
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