European gasoline prices tumbled from the record highs seen late last month,losing US30/t last week.But other products were broadly flat over the week.The initial bullish impetus provided by terrorist attacks in Saudi Arabia was blunted by Opec assurances that it would raise crude oil supply.The steep falls on gasoline reflected an oversupplied prompt barge market in the Rotterdam area.The falls were regarded as a correction to over-enthusiastic buying ahead of the US driving season rather than a reflection of any fundamental weakness.The extreme volatility of US futures was confusing arbitrage economics.But shipments continued despite soaring freight costs,and over 500,000t was scheduled to move west by the middle of June.
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