EVENING SNAPSHOT - Americas Markets Summary

02 March 2011 23:14  [Source: ICIS news]

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

CRUDE: Apr WTI: $102.23/bbl, up $2.60; Apr Brent: $116.35/bbl, up 93 cents
NYMEX WTI crude futures rose sharply for the second consecutive session in response to growing unrest in Libya and to weekly EIA stats showing a drawdown in crude and gasoline stocks. WTI topped out at $102.41/bbl but was showing signs of working higher.

RBOB: Apr: $3.0295, up 4.61 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices surged as violence increased in Libya. In addition, the EIA reported that gasoline stocks were plummeting.

NATURAL GAS: Apr: $3.818/MMBtu, down 5.5 cents
The NYMEX April contract saw some early strength but tailed off by midday and retreated from the previous close. The softness caused by a warming in weather forecasts and outlooks for a weak storage report sent the front month down for the second straight session.

ETHANE: up at 72.75-73.75 cents/gal
Mont Belvieu ethane appears in higher demand, as prices have been around 70 cents/gal or higher for at least two weeks. Though that makes cracking ethane more expensive, the bump in gasoline prices pushed naphtha much higher. For this reason, ethane remains the favoured feedstock.

AROMATICS: styrene up at 70.75-71.25 cents/lb
US styrene spot levels traded higher during the day. The increase was driven by tight supplies, according to trade sources.

OLEFINS: ethylene up at 53.25 cents/lb
US Gulf spot ethylene traded at 53.25 cents/lb for March delivery, up 0.25 cents from a day earlier.

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

By: Staff Reporter
+44 20 8652 3214

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