EVENING SNAPSHOT - Americas Markets Summary

25 November 2008 23:04 [Source: ICIS news]

HOUSTON (ICIS news)--Here is Tuesday’s end-of-day Americas oil and chemical market summary from ICIS pricing.

CRUDE: WTI $50.58/bbl, down 19 cents; BRENT $50.35/bbl, down $3.58
US crude futures slipped in after-hours electronic Globex trading, extending the losses posted during the normal floor session. After posting healthy gains on Monday, revised US GDP data indicating a weakening economy pressured the energy complex and drove WTI (West Texas Intermediate) down to an intra-day low of $50.52/bbl before rebounding slightly.
*Brent reflects the value of the ICE settlement on the day.

NATURAL GAS: $6.386/MMBtu, down 43.4 cents
Natural gas futures prices plummeted alongside falling crude oil and energy complex prices as well as adequate supply seen for the upcoming winter season. Industry sources predicted a 41bn cubic foot draw in domestic stockpiles when the EIA (Energy Information Administration) releases its weekly stockpile statistics.

RBOB: $1.0949/gal, down 4.76 cents
Reformulated blendstock for oxygenate blending (RBOB) inched down alongside weakening crude oil prices. Analysts expected to see gains in crude and gasoline inventories but a drop in distillates when the US EIA releases its weekly statistics.

BENZENE: US benzene for December followed the energy complex down on Tuesday as bids/offers fell back to 95-105 cents/gal DDP (delivered, duty paid) HTC (Houston-Texas City) compared with 102-110 cents/gal a day earlier. Prices on a DDP basis were notionally equal with FOB (free on board) terms.

ETHYLENE: US ethylene for December traded at 17 cents/lb, down from deals done at 18.25 and 18.75 cents/lb on 21 November.

PROPYLENE: No refinery-grade propylene (RGP) deals were heard on Tuesday. RGP for December was offered at 16 cents/lb with a bid at 12 cents/lb. December RGP last traded on Friday at 14.50 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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