European gasoline prices hit record $548/mt, exports to US rise
London (Platts)--1Apr2005
European gasoline prices hit an all-time high of $548/mt Friday as demand surged in Northwest Europe, in the Mediterranean and for exports to the US East Coast, trading sources said. Gasoline prices have now consolidated above the $500/mt mark for a whole trading week for the first time. "The psychology has changed and everyone has become very bullish," said one trader who deals in cargoes for Europe and for New York Harbor. "It's also to do with the direction of crude and the higher prices being paid for gasoline in the US," he added. With the US reporting successive draws on gasoline stockpiles, European exports have been rising. During March around 3.5-mil mt of gasoline was shipped to the US East Coast, various trading sources said, compared with 2.9-mil mt in February, a rise of almost 25% month-on-month. The exports to the US in March amounted to almost 100 tankers, or more than three a day compared with just over one tanker a day that was the daily average in 2004. This story was originally published in Platts Global Alert http://www.globalalert.platts.com
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