EVENING SNAPSHOT - Americas Markets Summary

21 November 2012 22:50  [Source: ICIS news]


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

CRUDE: Jan WTI: $87.38/bbl, up by 63 cents; Jan Brent: $110.86/bbl, up by $1.03
NYMEX WTI crude futures bounced around before settling in positive territory. Overnight reports of a terrorist attack on Israel drove prices up, and the rally received a boost from the weekly supply statistics from the Energy Information Administration (EIA), showing a drawdown in crude and refined products. Reports of a ceasefire between Israel and Palestinian Hamas then drove prices down, but a late round of pre-holiday short covering lifted prices back into the plus column ahead of the settlement.

RBOB: Dec: $2.7495/gal, up by 3.7 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) rose as the EIA showed a drawdown in gasoline supplies.

NATURAL GAS: Dec: 3.903/MMBtu, up by 7.1 cents
The front month on the NYMEX natural gas market jumped by 1.8% through Wednesday trading as the EIA’s latest weekly gas storage report showed a larger-than-expected withdrawal from US inventories for the week ended 16 November. 

ETHANE: lower at 28.50 cents/gal
Ethane spot prices were lower as the market continues to be long on supply.

AROMATICS: Toluene higher at $4.20-4.30/gal; MX tighter at $4.15-4.25/gal
US nitration-grade (n-grade) toluene moved up Wednesday afternoon ahead of the Thanksgiving holiday on the back of steady demand and a hike in crude values. Meanwhile, US mixed xylene (MX) moved within a tighter range compared with $4.10-4.30/gal a day earlier as buyers and sellers came closer together. 

OLEFINS: Dec ethylene bid lower at 50 cents/lb; RGP bid flat at 48 cents/lb
US ethylene for December was bid lower compared with deals on Tuesday against an offer at 52 cents/lb. Refinery-grade propylene (RGP) for November remained bid flat, while an offer for December was heard at 51.75 cents/lb. RGP for November and December traded at 50.50 cents/lb earlier this week.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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