15 November 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European methyl tertiary butyl ether (MTBE) prices edged up this week despite a lack of buying interest during the open market window, market participants said on Friday.
Sources note that the MTBE factor against Eurobob gasoline cash barges has remained stable throughout the week, at 1.13-1.14.
This, together with firmer upstream energy values, resulted in upwards pressure on MTBE prices.
Despite producer attempts to increase prices with higher offers in the market, a lack of buying interest resulted in no further trades taking place.
One producer said it continues to see good contractual demand from its regular customers in the Mediterranean.
Although demand for gasoline blending components traditionally declines during the winter months on a lack of demand from blenders, the producer remains confident that demand will remain at levels it is currently seeing in December.
A trader noted good demand from Russia but said that demand from Ukraine and the Baltic has fallen.
With European gasoline continuing to trade below naphtha for the most part of this week, the trader added that this was stifling MTBE demand among blenders further.
MTBE prices were at $1,030-1,047/tonne (€762-775/tonne) FOB (free on board) AR (Amsterdam-Rotterdam) during the close of business on Friday, up $25-32/tonne from the same time last week.
($1 = €0.74)
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