13 June 2012 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $82.62/bbl, down 70 cents; Jul Brent: $97.13/bbl, down 1 cent
NYMEX WTI crude futures finished in negative territory, tracking a weak stock market, on eurozone debt worries. The weekly supply statistics from the Energy Information Administration (EIA) showed a contrary to forecast drawdown in gasoline stocks and a smaller than expected drawdown in crude inventories, but this provided temporary support to crude prices.
RBOB: Jul: $2.6554, up 0.52 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were slightly higher following EIA data that showed gasoline consumption was 482,000 bbl/day higher for the week ended 8 June. A Commerce Department report showing retail sales were lower for May kept gasoline prices from further gains.
NATURAL GAS: Jul: $2.185/MMBtu, down 4.7 cents
The July front-month price dropped almost a nickel by the end of a wayward trading session, as prices pushed up as high as $2.229/MMBtu before failing to find support and tapering downward. Mixed weather outlooks has created lacklustre demand expectations, with US physical spot gas prices settling a few pennies on either side of flat for the day.
ETHANE: lower at 28.25-29.75 cents/gal
Mont Belvieu ethane prices hit 28.25 cents/gal in the morning. This price traded about two weeks ago, and before that was not seen as low since 15 November 2002. Prices moved slightly higher in the afternoon to reach 29.75 cents/gal.
AROMATICS: toluene lower at $3.70-3.88/gal
Spot prices for n-grade toluene moved down on Wednesday afternoon, compared with $3.90-4.05/gal a day earlier, on the back of weaker crude values. No fresh trades were heard. Meanwhile, US mixed xylene (MX) spot prices were heard lower at $3.88-3.90/gal, compared with $3.90-4.00/gal Tuesday, alongside weaker crude values and lower prices in other aromatics markets.
OLEFINS: ethylene down at 39.50 cents/lb, RGP bid down at 36.50 cents/lb
US ethylene for prompt delivery fell to a 20-month low on weak demand, loose supply and reduced feedstock costs. Refinery-grade propylene (RGP) for June was bid lower compared with deals done at 37.00 and 37.50 cents/lb earlier this week. No offers were heard.
For more pricing intelligence please visit www.icispricing.com
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