09 July 2013 16:56 [Source: ICIS news]
LONDON (ICIS)--European gasoline, or petrol, prices are approximately $40/tonne higher week on week, industry sources said on Tuesday.
EuroBob gasoline traded at $982-987/tonne FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp) on Tuesday, 4% higher than $941-949/tonne FOB ARA last Tuesday.
Total and Morgan Stanley each sold 2,000 tonnes of Eurobob gasoline to BP on Tuesday.
The EuroBob grade is considered a benchmark in the northwest European physical gasoline markets.
In the gasoline futures market, the RBOB futures contract trading at the IntercontinentalExchange (ICE) has risen by 4% week on week.
The August ICE RBOB contract rose from $2.7740/gal on 2 July (16.30 GMT) to $2.8850/gal (11.30 GMT) on Tuesday.
The firm gasoline prices compare with an increase of $3.00/bbl in the upstream crude oil futures market.
September ICE Brent crude oil futures rose from around $103/bbl on 2 July (16.30 GMT) to around $106/bbl (11.30 GMT) on Tuesday.
Gasoline fundamentals in the US and Europe, along with domestic petrochemical margins, have traditionally charted the course of naphtha demand in Europe.
Naphtha demand currently is flat in northwest Europe
Naphtha is used as a gasoline blendstock and is a petrochemical feedstock.
($1 = €0.78)
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