EVENING SNAPSHOT - Americas Markets Summary

24 November 2010 22:43  [Source: ICIS news]

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

CRUDE: Jan WTI: $83.86/bbl, up $2.61; Jan Brent: $85.84/bbl, up $2.59
NYMEX WTI crude futures rose sharply on pre-Thanksgiving short covering that tracked a rally in the stock market. The surge shrugged off a strong dollar and a contrary-to-forecast build in crude inventories revealed by the weekly EIA (Energy Information Administration) statistics.

RBOB: Dec $2.2136/gal, up 7.94 cents/gal
The reformulated blendstock for oxygenate blending (RBOB) rallied with government reports suggesting a more cheerful economic outlook for energy and jobs. The EIA reported crude inventories up 1m bbl, which was about one-fifth the inventory builds reported by the EIA on Tuesday. The rally in crude brought heating oil and gasoline along for the ride.

NATURAL GAS: Dec: $4.267/MMBtu, up 0.3 cents
The NYMEX December contract sustained its post-EIA report strength until cash markets posted losses on less-attractive weather forecasts for short-term heating demand. The prompt futures benchmark sank before its eventual settlement and expiry but ended the day at a slight gain.

ETHANE: higher at 64.00-65.25 cents/gal
Mt. Belvieu ethane saw prices increase for the second straight day as demand saw a slight uptick and market trading was thin.

AROMATICS: benzene weaker at $3.20-3.26/gal
The range for prompt spot prices fell slightly amid a lack of demand. There were no fresh trades, with many market participants out of the market ahead of the Thanksgiving holiday.

OLEFINS: Nov ethylene steady, offered at 52.00 cents/lb
US November ethylene was offered at the top of the range with no bids. December ethylene was offered at 51.75 cents/lb, also without attracting buyers’ interest. Ethylene for November traded on Tuesday at 51.75 cents/lb.

For more pricing intelligence please visit www.icispricing.com.

By: Staff Reporter
+44 20 8652 3214

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