16 August 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European methyl tertiary butyl ether (MTBE) prices edged up this week on firmer upstream energy values, ICIS data showed on Friday.
MTBE prices were at $1,206/tonne FOB (free on board) AR (Amsterdam-Rotterdam) at close of business on Friday, up by $56-62/tonne from last week.
Both crude oil and gasoline values increased on concerns that the violent eruptions between Islamists and the Egyptian government could spill over into other north African nations, leading to restricted supplies from the region.
The MTBE factor against Eurobob cash barges remained stable from last week, however, at 1.15-1.18.
Activity in the MTBE spot market remains at low levels, compounded by the Assumption Day holiday across much of Europe which led to many participants’ absence from the market.
Although gasoline stocks in the ARA (Amsterdam-Rotterdam-Antwerp) region declined this week, they still remain at high levels.
It is thought the high gasoline stocks are continuing to stifle demand among blenders in the region. One producer said it does not anticipate an increase in activity until stock levels are depleted.
($1 = €0.75)
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