30 August 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European methyl tertiary butyl ether (MTBE) prices increased this week, in line with firmer upstream energy values, sources said on Friday.
Significant increases in the crude oil futures markets brought with it increases to gasoline values, this in turn maintained the upward pressure on MTBE prices.
MTBE prices were at $1,252/tonne (€952/tonne) FOB (free on board) AR (Amsterdam-Rotterdam) at close of business on Friday, up by $28/tonne from last week.
The MTBE factor against Eurobob gasoline cash barges remained stable from last week, however, at 1.18-1.19.
A producer said that supply of MTBE in northwest Europe remains tight, however, and noted that demand has now tailed off.
The producer added that it expects prices to come off in the near future, with most buyers having already sourced their requirements.
A trader said that demand from blenders is now weak. Although a few trades were seen in the spot market, it believes this is from participants that have been caught short and need extra volumes to cover their requirements.
($1 = €0.76)
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