Gasoline markets abuzz in Europe on improved liquidity on rallying oil prices and start of new month

04-Feb-11
Gasoline prices and market activity gathered steam in Europe on improved liquidity amid rallying oil prices and the start of a new month, as per Reuters. Barges prices rose to as high as $870 a tonne fob ARA during the window in the afternoon, just below 28 month highs of US$871/ton FOB ARA, less than a fortnight ago. About 26,000 tons of gasoline traded in a busy morning, as three rare high-octane barges changed hands on Tuesday afternoon at US$894-$895/ton FOB ARA. But the increased liquidity was not extraordinary after an exceptionally quiet January. Fear that unrest in Egypt may disrupt Suez Canal shipping was the main driver behind the rise in prices. Major problems were reported at the ports of Alexandria and Damietta in Egypt, as staff shortages hindered cargo operations at the Mediterranean terminals. Germany’s river Rhine was partly opened again, with the key commodities shipping route expected to remain open all day for southbound sailings. Ongoing work to rescue a capsized tanker had led to closure of the river to shipping on Monday, and over 450 vessels were reportedly waiting to sail on Tuesday morning. European naphtha demand remained lacklustre despite hopes the opening of arbitrage would boost shipments to the east.
  More News  Post Your Comment

Previous News

Next News

{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha
Complete Herbert Olbrich cushion vinyl flooring line

Complete Herbert Olbrich cushion vinyl flooring line