Corrected: EVENING SNAPSHOT - Americas Markets Summary

21 February 2012 22:48  [Source: ICIS news]

Correction: In the ICIS story headlined “EVENING SNAPSHOT - Americas Markets Summary” dated 21 February 2012, please read in the third paragraph … RBOB: March: $3.0702/gal … instead of … Feb …. A corrected story follows.

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

CRUDE: Mar WTI: $105.84/bbl, up $2.60; Apr Brent: $121.66/bbl, up $1.61
NYMEX WTI crude futures rose sharply, driven by investor confidence regarding economic growth in the US and in other emerging markets. Geopolitical issues involving Iran’s threats and the euro rising against the dollar in response to a rescue deal for Greece also provided support.

RBOB: March: $3.0702/gal, up 5.46 cents
Reformulated gasoline blendstock for oxygen blending (RBOB) futures reached their highest prices since the last week of July 2011 by riding the tide of concerns of tight supply due to tensions in Iran and low demand due to economic issues in Europe.

NATURAL GAS: March: $2.626/MMBtu, down 5.8 cents  
Natural gas futures on the NYMEX slid by closing as warmer weather patterns were emerging for the East coast. Choppy trading persisted throughout the day, sinking as low as $2.57/MMBtu but then pushing through later in the afternoon.

ETHANE: higher at 50.25-53.50 cents/gal
Mont Belvieu ethane spot prices in Texas continued the climb that took off on Friday. The up-tick in prices was primarily a reaction to the strong increase in the price of products and crude oil on the futures market.

AROMATICS: toluene flat at $4.04-4.08/gal
Prompt prices for n-grade (nitration-grade) toluene held steady amid a quiet market. Meanwhile, US mixed xylene (MX) prices remained unchanged at $4.30-4.35/gal on Tuesday, following a silent market.

OLEFINS: ethylene lower at 64.00-66.50; RGP stable at 65.0-68.0
US spot prices for ethylene dropped slightly on the latest bid/offer levels. No deals for February were done, but March deals were heard at 65.00 and 65.25. The spot propylene market was quiet, with March bid/offer levels moving slightly higher.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
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