EVENING SNAPSHOT - Americas Markets Summary

16 May 2012 22:39  [Source: ICIS news]

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

CRUDE: Jun WTI: $92.81/bbl, down $1.17; Jun Brent: $111.71/bbl, down 53 cents
NYMEX WTI crude futures finished down for the fourth consecutive session in response to the weekly supply statistics from the Energy Information Administration (EIA) showing crude inventories rising for the eighth consecutive week. Eurozone debt worries pressured stock markets while the euro shifted lower versus the dollar. A substantial drawdown in gasoline and distillate stocks kept the crude losses in check. June Brent went off the board at the end of the session.

RBOB: Jun: $2.9209/gal, down 2.32 cents
Reformulated gasoline blendstock for oxygen blending (RBOB) futures dropped, despite encouraging data on supplies from the government. Gasoline stockpiles were down and consumption rates for gasoline were higher for the second consecutive week. Possible gains for gasoline were hindered by the growth in crude oil supplies.

NATURAL GAS: Jun: $2.618/MMBtu, up 11.8 cents  
The June futures contract on the NYMEX pushed up by almost 5% from the previous session, carrying over Tuesday’s upside on weather outlooks for warmer temperatures, particularly for the east coast. Meanwhile, the positive futures trading is reflecting the steady increase in gas demand in the power sector as utilities switch to running on cheaper gas feedstock.

ETHANE: lower at 41.500-42.125 cents/gal
Mont Belvieu ethane prices held with the range traded in the morning. Prices were lower following two consecutive days of consistent pricing for ethane.

AROMATICS: Toluene lower at $3.80-3.95/gal, Mixed xylene flat at $3.95-4.05/gal
Prompt n-grade toluene prices moved down to $3.80-3.95/gal, compared with $3.90-4.05/gal a day earlier, alongside weaker crude values. Meanwhile, US mixed xylene (MX) prices were flat from the previous session, following thin market discussions.

OLEFINS: ethylene bid at 52 cents/lb, RGP offer down at 48 cents/lb
US ethylene for May was bid at 52 cents/lb, while June ethylene traded twice at 52.50 cents/lb. May ethylene was offered at 54 cents/lb. Refinery-grade propylene (RGP) for May was offered lower with no bids. RGP was last heard traded at 48.50 cents/lb on Friday.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
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