- Wide range of offer levels; still to surface- Refiners increase production to meet the distillate
demand: EIA



Although the US Gulf MTBE premium to front
month gasoline remained stable Nov. 8, participants expressed doubts about
workable levels due to low liquidity and persistent market forwarder. ExxonMobil offered to buy
25,000 barrels of MTBE from Nov. 13-17 for 355 cents/gal. However, no buying
interest was shown. The premium was
91.33cs, as December RBOB settled at 263.67c/gal. The premium remained unchanged at 80c/gal as the offer
didn't test prior levels. MTBE was offered
at RBOB plus 45c/gal. However, several participants said that this was too low. According to the October Short-Term Energy Outlook, the
Energy Information Administration, US refiners will increase gasoline
production in November in order to meet demand for distillate. In addition,
gasoline inventories...