NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Apr WTI: $101.55/bbl, up $1.92; Apr Brent: $117.13/bbl, up $1.71
NYMEX WTI crude futures surged in response to geopolitical worries and to weekly EIA statistics showing a drawdown in crude and gasoline inventories. WTI topped out at $102.20/bbl before retreating.

RBOB: Apr: $3.0424/gal, up 5.90 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) broke through the $3.00/gal level on rising crude oil stockpiles and EIA data that showed US stockpiles falling by 3.6m bbl week on week.

NATURAL GAS: Apr: $3.809/MMBtu, down 6.4 cents
The front month natural gas contract picked up from Tuesday’s slide and selling continued, as two-week weather forecasts began to show much milder temperatures. Also, analysts predicted a narrow withdrawal in Thursday’s storage report.

ETHANE: up at 73.0-74.5 cents/gal
Mont Belvieu ethane prices picked up steam to start Wednesday, gaining more than 2-3 cents/gal while tracking surging crude futures.

AROMATICS: benzene up at $4.17-4.22/gal
Prompt US benzene spot prices were 2 cents/gal higher this morning, traders said. The range was up following the increase in crude on Tuesday.

OLEFINS: RGP up at 66.75 cents/lb
US Gulf refinery-grade propylene (RGP) was heard traded at 66.75 cents/lb, up more than 5 cents from deals at 61.00-61.50 cents/lb in the previous week.

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By: Staff Reporter
+44 20 8652 3214

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