Europe gasoline prices fall below $1,000/tonne on crude drop

25 July 2013 16:14  [Source: ICIS news]

LONDON (ICIS)--European gasoline prices have fallen below the $1,000/tonne mark on softer ICE Brent crude oil futures, industry sources said on Thursday.

Eurobob gasoline traded at $989-991/tonne (€752-753) FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp) on Thursday, down from $1,007-1,009/tonne FOB ARA on Wednesday.

BP sold 2,000 tonnes each of Eurobob gasoline to Gunvor and Kolmar Group AG. The Eurobob grade is considered a benchmark in the northwest European physical gasoline markets.

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

September ICE Brent crude oil futures fell from $107.43/bbl (15:30 GMT) on Wednesday to $106.82/bbl (14:31 GMT) on Thursday.

Meanwhile, gasoline exports to the key US market are sluggish, while domestic demand has improved since last week.

($1 = €0.76)

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By: Cuckoo James
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