EVENING SNAPSHOT - Americas Markets Summary

08 November 2012 23:41  [Source: ICIS news]

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

CRUDE: Dec WTI: $85.09/bbl, up 65 cents; Dec Brent: $107.25/bbl, up 43 cents
NYMEX WTI crude futures recouped some of the lost ground on sentiment that the recent steep losses had been overdone but the gains were kept in check. The stock market continued to drift lower despite the release of data, showing a decline in jobless claims and a jump in exports narrowing the September deficit.

RBOB: Dec: $2.6073, up 1.84 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices settled slightly higher as it tracked crude oil futures and after the US Department of Labor showed a decline in jobless benefits claims, which could indicate an increase for commodities such as gasoline.

NATURAL GAS: Dec: 3.608/MMBtu, up 3 cents
NYMEX natural gas futures turned around losses incurred through the morning session to finish the day higher from the start of trade. The increase came despite the US Energy Information Agency’s (EIA) latest weekly gas storage report showing continued record high inventory levels. Traders focused on the lower than expected injection rate and short-term demand expectations caused by below average temperatures across the US northeast.

ETHANE: lower at 29.5 cents/gal
Ethane spot prices fell on Thursday, as the supply overhang continued to depress prices.

AROMATICS: toluene flat at $4.10-4.25/gal, mixed xylene bid up at $3.90/gal
There was no change in the US toluene market during the day. However, prompt mixed xylene (MX) spot prices were bid at $3.90/gal FOB (free on board) during the day, which was on the high-end of $3.85-3.90/gal FOB the previous session.

OLEFINS: ethylene offer up at 55.625 cents/lb, RGP bid flat at 50 cents/lb
US ethylene for November was offered up from a deal on Wednesday against a bid at 53 cents/lb. No deals were heard. Refinery-grade propylene (RGP) for November was bid flat compared with the previous day.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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