EVENING SNAPSHOT - Americas Markets Summary

28 February 2011 22:42  [Source: ICIS news]

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

CRUDE: Apr WTI: $96.77/bbl, down 91 cents; Apr Brent: $111.80/bbl, down 34 cents
NYMEX WTI crude futures started the week lower as Saudi Arabia calmed the market by meeting extra demand brought on by supply disruptions in Libya. April WTI established a low/high range of $96.71-99.96/bbl early, and traded within that band throughout the session.

RBOB: Mar: $2.7296/gal, down 0.99 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) dipped by under 1% as buyers retreated from last week’s surge brought on by rising crude prices. Oil prices also stabilised following Saudi Arabia’s plans to increase production.

NATURAL GAS: Mar: $4.037/MMBtu, up 3.2 cents
The NYMEX April contract continued to rally after taking over as the prompt month, relying on adjusted weather forecasts that showed below normal temperatures over the next two weeks. That boosted the front-month contract to a near-3-week high.

ETHANE: up at 76.00-76.375 cents/gal
Mont Belvieu ethane continued to climb as buyers were caught short-covering on the last day of the month to fill contracts.

AROMATICS: benzene flat at $4.25-4.35/gal
US benzene spot prices were quiet throughout the session with no change from Friday’s levels. The market was more focused on March benzene contracts, which settled up 4 cents/gal at $4.39/gal FOB (free on board).

OLEFINS: ethylene higher at 51.00-55.00 cents/lb, RGP bid at 61.00 cents/lb
Spot ethylene bids and offers were far apart and no new deals were heard. RGP was bid at 61.00 cents/lb, level with March trades at 61.00-61.50 cents/lb in the previous week.

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

By: Staff Reporter
+44 20 8652 3214

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