EVENING SNAPSHOT - Americas Markets Summary

26 January 2011 22:39  [Source: ICIS news]

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

CRUDE: Mar WTI: $87.33/bbl, up $1.14; Mar Brent: $97.91/bbl, up $2.66
NYMEX WTI crude futures rose sharply on the back of financial flow into commodities amid optimism regarding demand. The rally overshadowed a much greater-than-forecast build in crude and gasoline revealed by EIA stats.

RBOB: Feb: $2.4306/gal, up 8.79 cents/gal
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices climbed as gains were not pared by builds in crude and gasoline stockpiles. The 3.8% rise in prices for RBOB trumped losses for the spot markets as several gasoline-making units at refineries were shutting down for maintenance.

NATURAL GAS: Feb: $4.491/MMBtu, up 1.8 cents
The February contract tested the previous support level of $4.40/MMBtu, but expectations of a hefty storage draw in Thursday’s government storage report erased early-session losses and snapped a two-day losing streak for the prompt month.

ETHANE: down at 61.00-62.25 cents/gal
Mont Belvieu ethane traded lower, with some traders saying prices were returning to levels that fit the market. Much of the market was baffled when prices increased to more than 65 cents/gal, so traders saw the recent slide as a correction.

AROMATICS: styrene down at 63.00-64.00
Styrene offers were weaker at 64.00 cents/lb FOB (free on board) in the afternoon. One market participant said offers have come down as inventory starts to build

OLEFINS: ethylene up at 43.50 cents/lb; RGP flat at 72-73 cents/lb
US ethylene for January-February traded higher, while refinery-grade propylene (RGP) remained assessed at 72-73 cents/lb. RGP was last heard traded at 72.50 cents/lb on Monday.

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

By: Staff Reporter
+44 20 8652 3214

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