19 November 2012 22:52 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $89.28/bbl, up $2.36; Jan Brent: $111.70/bbl, up $2.75
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market on sentiment that Congressional leaders and the White House will try to reach a compromise on taxes and spending cuts in order to prevent a budget crisis. The market also responded to the escalating violence between Israel and Palestinian Hamas on concerns that the conflict could spread throughout the region.
RBOB: Dec: $2.7545/gal, up 4.44 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose for the fourth straight session. The rally was supported by an unexpected increase in existing home sales. Additionally, demand for gasoline is expected to increase going into the US Thanksgiving holiday.
NATURAL GAS: Dec: $3.719/MMBtu, down 7.1 cent
Gas futures on the NYMEX natural gas closed Monday trading down several cents as traders became increasingly bearish as the session progressed. Mild weather forecasts have limited expectations of near-term heating demand, while low industrial consumption through the holiday weekend is unlikely to cause serious depletion to record gas storage levels. Ongoing nuclear power outages have, however, enabled traders to keep the front month above the $3.50/MMBtu level throughout November.
ETHANE: stable at 29.25 cents/gal
Ethane prices were stable, decoupling from the rallies in crude and other energy commodities.
AROMATICS: toluene tighter at $4.15-4.25/gal; mixed xylene (MX) higher at $4.08-4.15
US toluene spot prices moved within a tighter range on Monday afternoon, compared with $4.12-4.30/gal FOB on 16 November, on the back of steady demand. Meanwhile, US mixed xylene (MX) spot prices were discussed higher, compared with $4.02-4.03/gal FOB from the previous session, following stronger energy values and steady demand.
OLEFINS: ethylene down at 51 cents/lb; RGP bid flat at 48 cents/lb
US ethylene for November traded lower compared with last week, while a deal for December was heard at 50.625 cents/lb. Refinery-grade propylene (RGP) for November was bid flat at 48 cents/lb, while December material was offered at 52 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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