European gasoline prices have been on a roller coaster ride in the past couple of weeks, driven largely by the waxing and waning of export opportunities in key markets in the US and West Africa. From an eight-month high on Jun. 16 of $732.50 per metric ton for premium unleaded cargoes f.o.b Amsterdam-Rotterdam- Antwerp (ARA), prices plummeted by around $100/ton to a low of $633.50/ton on Jun. 22, but have since clawed back some ground, trading at $674.50/ton by Jun. 30. Over the same period, the gasoline crack spread versus Brent crude, a measure of refining profitability, collapsed from around $13 per barrel to a low of roughly $6/bbl, but has since recovered to around $11/bbl - again lending support to refining margins in Europe.
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