LONDON, June 22 - European gasoline prices
plummeted by more than 8 percent on Monday after a large
sell-off in U.S. RBOB gasoline futures lowered expectations for
exports to the United States. European barges have fallen by almost $60 in one day,
trading as low as $624 a tonne from above $680 in late Friday
trade. U.S. RBOB futures have collapsed from a year high just above
$2.10 a gallon last Tuesday to around $1.84 a gallon on Monday
on concerns demand will be curtailed in the United States over
the summer by rising unemployment and high prices at the pumps. "It's all about RBOB gasoline today," one broker said. "The
arbitrage is still open as European prices have dropped by a
similar amount, but there are real concerns about demand."
plummeted by more than 8 percent on Monday after a large
sell-off in U.S. RBOB gasoline futures lowered expectations for
exports to the United States. European barges have fallen by almost $60 in one day,
trading as low as $624 a tonne from above $680 in late Friday
trade. U.S. RBOB futures have collapsed from a year high just above
$2.10 a gallon last Tuesday to around $1.84 a gallon on Monday
on concerns demand will be curtailed in the United States over
the summer by rising unemployment and high prices at the pumps. "It's all about RBOB gasoline today," one broker said. "The
arbitrage is still open as European prices have dropped by a
similar amount, but there are real concerns about demand."
