GDT and EU spot prices looking up… a bit
In what remain very weak markets, this week saw some improvement in both the GDT auction price and EU spot quotes from France, Germany and the Netherlands.
At the GDT auction of 17th May (yesterday), the weighted average price rose 2.6%. The event only traded a total of 18,113 t of product, 32% back on the same auction last year. Trading such small amounts of product relative to what is traded globally, it is always worth remembering that its results should not be over interpreted – whether they go up or down.
What is most interesting is that WMP prices have been consistently up for the last 4 auctions, rising 14% or the equivalent of 3c/l from very low levels since mid-March, and WMP is both what is most traded on GDT, and globally.