NOON SNAPSHOT - Americas Markets Summary

01 March 2011 18:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: Apr WTI: $98.88/bbl, up $1.91; Apr Brent: $114.26/bbl, up $2.46
NYMEX WTI crude futures surged and were showing signs of working higher in response to growing unrest across the Middle East and concerns regarding oil supplies. The dollar weakened versus a basket of currencies. WTI topped out at $99.15/bbl before retreating slightly.

RBOB: Apr: $2.9618/gal, up 6.91 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) traded higher on the first day for the April contract. April RBOB has been at a premium of about 15 cents/gal over March. The NYMEX petroleum complex climbed amid reports of increased violence in Iran.

NATURAL GAS: Apr: $3.900/MMBtu, down 13.7 cents
After a two-session run above $4.00/MMBtu, investors saw a resistance ceiling and sold off the front-month contract in early trading. Weather-driven demand was uncertain as the market heads into the shoulder season.

ETHANE: down at 71.50-72.50 cents/gal
Mont Belvieu ethane prices dropped dramatically as the market moved into March. Prices had been significantly higher in the past days as a result of short-covering before the end of February.

AROMATICS: benzene flat at $4.25-4.35/gal
US aromatics spot markets were still quiet this morning with no change from Monday. Traders said market interest has been thin to start the week. 

OLEFINS: ethylene lower at 51.5-53.5 cents/lb
The bid/offer spread for March ethylene narrowed to 51.5-53.5 cents/lb as offers retreated from 55.0 cents/lb a day earlier.

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

By: Staff Reporter
+44 20 8652 3214

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