Europe gasoline prices rise above $1,000/tonne mark on firm crude

10 July 2013 14:38  [Source: ICIS news]

LONDON (ICIS)--European gasoline, or petrol, prices have risen above the $1,000/tonne mark on firm ICE Brent crude oil futures, industry sources said on Wednesday.

Eurobob gasoline traded at $1,008-1,013/tonne FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp) on Wednesday, up from $982-987/tonne FOB ARA on Tuesday.

Shell and Van Raak sold Eurobob gasoline to Cargill and BP on Wednesday. The EuroBob grade is considered a benchmark in the northwest European physical gasoline markets.

The firm gasoline prices are being driven by upstream crude oil price movements.

September ICE Brent crude oil futures rose from around $106/bbl (10:30 GMT) on Tuesday to around $107/bbl (10:30 GMT) on Wednesday.

Gasoline fundamentals in the US and Europe, along with domestic and Asian petrochemical demand, are important as they have traditionally charted the course of naphtha demand in Europe.

Naphtha prices are rising as well on the back of the firmer crude oil values, and was assessed at $887-888/tonne CIF (cost, insurance & freight) NWE (northwest Europe) on Wednesday.

Naphtha is used as a gasoline blendstock and as a petrochemical feedstock.

($1 = €0.78)

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By: Cuckoo James
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