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Europe Gasoline-up towards $700 on exports, dip in stocks

Europe Gasoline-up towards $700 on exports, dip in stocks

Write: Siddartha [2011-05-20]
LONDON, Dec 3 - European gasoline prices edged higher on Thursday towards $700 a tonne as traders eyed export opportunities to the United States and a dip in stocks of the motor fuel. Dutch oil analyst Pieter Kulsen said gasoline stocks in independent storage at the Amsterdam-Rotterdam-Antwerp oil hub fell by 26,000 tonnes to 806,000 tonnes last week. [ARA/] "The arbitrage to the United States is open, and that's drawing some gasoline, but overall demand remains weak.@ Naphtha remained well supported by demand from the petrochemical industry in Asia. It extended its uncommon premium
over gasoline to around $10 a tonne.