Europe Gasoline-Plummets on lower U.S. RBOB futures
European gasoline prices plummeted by more than 8 percent on Monday after a large sell-off in U.S. RBOB gasoline futures lowered expectations for exports to the United States. European barges have fallen by almost $60 in one day,trading as low as $624 a tonne from above $680 in late Friday trade. U.S.
RBOB futures have collapsed from a year high just above $2.10 a gallon last Tuesday to around $1.84 a gallon on Monday on concerns demand will be curtailed in the United States over the summer by rising unemployment and high prices at the pumps. “It’s all about RBOB gasoline today,” one broker said. “The arbitrage is still open as European prices have dropped by a similar amount, but there are real concerns about demand.”