LONDON, June 16 - European gasoline prices soared
to a fresh 8-month high above $740 a tonne on Tuesday, boosted
by strong demand from West Africa and Nigeria, rallying crude
and U.S. gasoline futures and relatively tight supply. Gasoline's crack also jumped, as a 3 percent rise for the
motor fuel overshadowed gains in crude of less than 2 percent. "The market is still pretty tight right now," one tradersaid. "Demand in the U.S. looks healthy but the arbitrage is still not great. I can see more volume heading to Africa."
to a fresh 8-month high above $740 a tonne on Tuesday, boosted
by strong demand from West Africa and Nigeria, rallying crude
and U.S. gasoline futures and relatively tight supply. Gasoline's crack also jumped, as a 3 percent rise for the
motor fuel overshadowed gains in crude of less than 2 percent. "The market is still pretty tight right now," one tradersaid. "Demand in the U.S. looks healthy but the arbitrage is still not great. I can see more volume heading to Africa."
