01 November 2013 16:56 [Source: ICIS news]
LONDON (ICIS)--European methyl tertiary butyl ether (MTBE) spot prices reached the lowest point of the year this week, sources said on Friday, with a trade of $1,016/tonne (€1,373/tonne) FOB (free on board) AR (Amsterdam-Rotterdam) taking place on Tuesday.
Declining consumer demand continues to take hold of MTBE prices, with the colder weather in Europe stifling gasoline consumption and leading to less gasoline blending demand.
The factor level against gasoline remains depressed as a result, and with limited gasoline demand from overseas leading to a lack of export opportunities, this has further increased the availability of material in Europe.
With no gasoline export demand from traditional overseas locations, one producer said that demand from its consumers “remains muted.”
Despite the bearish sentiment present in the market, a trader noted that some suppliers were offering aggressively in the market.
This led prices to increase during the latter part of the week, with one trade of $1,035/tonne FOB AR, taking place on Thursday.
($1 = €0.74)
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