Europe gasoline prices drop 3% week on week

04 November 2013 16:03  [Source: ICIS news]

LONDON (ICIS)--European gasoline barges traded 3% lower week on week on the back of cheaper crude oil prices, industry sources said on Monday.

Eurobob gasoline traded at $888-893/tonne FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp), down from $912-924/tonne FOB ARA on Monday 28 October.

The softer gasoline prices are being driven by a fall in upstream ICE Brent crude oil futures.

There were multiple trades in the Eurobob market. Energy major BP sold a total of 7,000 tonnes to trading firm Trafigura and oil major Shell, while Chevron sold 1,000 tonnes to Shell.

The grade is considered a benchmark in the northwest European gasoline physical markets.

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

Naphtha prices fell on the back of the lower crude oil values and were assessed at $896-897/tonne CIF (cost, insurance & freight) NWE (northwest Europe) on Monday morning.

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

($1 = €0.74)

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By: Cuckoo James
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