02 July 2013 17:29 [Source: ICIS news]
LONDON (ICIS)--The European methyl tertiary butyl ether (MTBE) market continues to see a surge in trades during the open market session, with eight trades taking place over the last two days as a result of improved demand, sources said on Tuesday.
MTBE traded five times in Tuesday’s open market session, once at $1,125/tonne FOB (free on board) AR (Amsterdam-Rotterdam), and four times at $1,126/tonne FOB AR.
After a sustained period of poor demand in Europe, improved gasoline consumption has led to a corresponding rise in demand for gasoline blending components, typically associated with the summer season.
One trader said it was hopeful that the surge in activity seen during the past two days was the start of the improved trading activity in Europe.
MTBE prices have increased by $43-47/tonne since Tuesday last week, when prices were at $1,078-1,083/tonne FOB AR.
The factor against gasoline has also edged up for two consecutive days and is currently at 1.19-1.20, adding to the upwards sentiment currently in the market.
($1 = €0.77)
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