20 November 2012 22:57 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.75/bbl, down $2.53; Jan Brent: $109.83/bbl, down $1.87
NYMEX WTI crude futures fell sharply in response to unconfirmed reports of a ceasefire between Israel and Palestinian Hamas, easing concerns of a wider conflict that could impact crude supplies from the region. During electronic trading, the value for January crude rose sharply to 87.30, in response to the weekly supply statistics from the American Petroleum Institute (API) revealing a drawdown in crude and refined products.
RBOB: Dec: $2.7125/gal, down 4.20 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) retreated on Tuesday as demand waned in the New York Harbor (NYH) market, where refinery operations have begun to normalise in the aftermath of Hurricane Sandy.
NATURAL GAS: Dec: $3.832/MMBtu, up 11.3 cents
The front month contract on the NYMEX natural gas market closed Tuesday trade up 3% at a 2012 high in anticipation of rising near term demand across the country. Forecasts for late November temperatures turned colder overnight. Analysts are also expecting Wednesday’s weekly gas storage report from the Energy Information Agency to show a second consecutive withdrawal from US inventories over the week ended 16 November.
ETHANE: lower at 29.00 cents/gal
Ethane spot prices were lower on Tuesday as a supply overhand continues to weigh on prices.
AROMATICS: Toluene tighter at $4.17-4.25/gal, mixed xylene (MX) higher at $4.10-4.30/gal
US n-grade toluene prices moved within a tighter range on Tuesday afternoon, with bids up at $4.17/gal, compared with $4.15-4.25/gal a day earlier, on the back of strong demand. Meanwhile, US mixed xylene (MX) spot prices were heard at $4.10-4.30/gal, up compared with $4.08-4.15/gal yesterday, following other aromatics markets.
OLEFINS: Dec ethylene flat at 50.625 cents/lb, RGP bid flat at 48 cents/lb
US ethylene for December traded at 50.50-50.75 cents, flat with a December deal done at 50.625 cents/lb the previous day. Refinery-grade propylene (RGP) remained bid flat at 48 cents/lb, while an offer was heard at 52 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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