Lower MTBE factor level should draw more buyers to spot market: trader

11 April 2014 17:12 Source:ICIS News

LONDON (ICIS)--The low methyl tertiary butyl ether (MTBE) factor level against Eurobob gasoline cash barges should be encouraging more buyers into the European spot market, but this has failed to occur so far, an MTBE trader said on Friday.

The factor level has been at 1.12-1.14 this week, the lowest of the year.

“This low factor level should be encouraging more buyers in the market,” the trader said.

Since the switch to summer-specification grade gasoline in Europe, sources note little interest in the open market trading platform, with Gunvor the only buyer making purchases over recent weeks.

By Neha Popat