Market Movers Europe, Sep 4-8: Harvey pushes European crack spreads to two year highs

5 Sep 2017   Prices

In the European gasoline market, prices soared by more than 50% last week as traders rushed cargoes across the Atlantic in response to supply problems caused by Tropical Storm Harvey. Deliveries of petrochemical products from the US into Europe this month are also under a question mark, with at least 13 major petrochemical sites shut down in the US Gulf Coast region and supplies of many products under force majeure. Meanwhile, in metals, the European steel coil market is bullish as producers return from their summer holidays. Mills are likely to seek an extra Eur20-40/metric ton after other markets — primarily China — spiked. Finally, in UK electricity, forward prices for September have been rising ahead of reduced gas and coal plant availability and, as this graph shows, September traded above October. While September is braced for reduced availability, October is the start of a new era under the […]

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