US MTBE: MOC offer keeps spot USG below ARA

Imported date

– Outstanding offer seen at 191 cents/gal

– Discount to Northwest Europe stable

Spot Gulf Coast MTBE pricing retreated slightly Thursday, coming below an outstanding offer seen in the  Market on Close assessment process. During the MOC process, Lukoil came in with an offer, lowering it to 191 cents/gal FOB USG. No additional bids, offers or trades were confirmed on the day. While one market participant talked the Gulf Coast flat to Northwest Europe, the assessment came below the MOC offer, keeping the discount stable at 1 cent. In related energy, NYMEX April RBOB was up 4.13 cents on the day at $1.8568/gal. Blended and shipped values were last estimated at near 244 cents/gal, while the MTBE factor relative to gasoline was at 1.0403. In other regions, the FOB Singapore marker was up $13 on the day at $704/mt, while FOB ARA was down 1.41 cents to 191.05 cents/gal.

RATIONALE:

Spot USG MTBE was assessed Thursday at 190.05 cents/gal FOB USG, down 1.41 cents on the day. The assessment was below an outstanding offer in the  Market on Close assessment process at 191 cents/gal FOB USG. The discount to the FOB ARA marker was unchanged on the day at 1 cent.

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