EVENING SNAPSHOT - Americas Markets Summary

01 May 2012 23:02  [Source: ICIS news]

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

CRUDE: Jun WTI: $106.16/bbl, up $1.29/bbl; Jun Brent: $119.66/bbl, up 19 cents
NYMEX WTI crude futures rebounded on the day following news that growth in the US manufacturing sector was at a 10-month high. Chinese factory data from April also boosted the demand outlook.

RBOB: Jun: $3.0971, down 2.75 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell as concerns over a gasoline supply shortage eased, particularly on the east coast, following the news that Delta will purchase the Trainer refinery in Pennsylvania from Phillips 66 and Sunoco’s talks with The Carlyle Group to form a joint venture at its Philadelphia refinery.

NATURAL GAS: Jun: $2.371/MMBtu, up 8.6 cents
The NYMEX Henry Hub futures price strengthened for the second day in a row, showing a 4% uptick and continuing the rebound from the previous day. The upside momentum appeared to be in contrast with fundamentals, which still show long supply and lacklustre demand. Technical trading and upbeat sentiment on the restructuring announcement from US gas producer Chesapeake Energy spurred on trading activity throughout the day.

ETHANE: lower at 46.875-50.000 cents/gal
Mont Belvieu ethane trades slipped on an increase in turnarounds of US Gulf ethane crackers as the batch for April begins. This has pressured ethane demand lower through most of 2012.

AROMATICS: toluene higher at $4.04-4.10/gal
Prompt n-grade toluene prices moved up to $4.04-4.10/gal, compared with 4.00-4.08/gal a day earlier, alongside stronger crude values. Meanwhile, US mixed xylene (MX) prices were flat from the previous session, following weak demand.

OLEFINS: ethylene bid down at 60 cents/lb
US ethylene bids for May continued to drop, but no offers were heard. Ethylene for May traded on Friday at 66 cents/lb. Ethylene for September delivery traded on Tuesday at 55.50 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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