27 November 2012 23:11 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $87.18/bbl, down 56 cents; Jan Brent: $109.87/bbl, down $1.05
NYMEX WTI crude futures posted light losses in thin volume, reflecting the market’s concerns regarding the eurozone debt crisis and upcoming tax and spending negotiations in the US. The stock market drifted down, and the euro eased against the dollar. The weekly supply statistics from the American Petroleum Institute (API) revealed a much greater than forecasted build in crude and gasoline inventories.
RBOB: Dec: $2.7321, up 0.58 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were slightly higher despite losses in crude oil futures trading. Traders awaited the US Energy Information Administration (EIA) report, which is expected to show a build up of gasoline inventories.
NATURAL GAS: Dec: $3.769/MMBtu, up 3.9 cents
Natural gas futures closed slightly higher as traders short-covered positions in anticipation of the December contract’s expiration on Wednesday. Volumes and interest were focused instead on the January settlement, which rose by 2 cents as weather forecasts presented mixed demand signals.
ETHANE: lower at 26.50 cents/gal
Ethane spot prices tied a record low on Tuesday, as oversupply and static demand continue to weigh on the market.
AROMATICS: toluene up at $4.22-4.32, mixed xylenes up at $4.25-4.35/gal
US n-grade toluene spot prices were discussed higher during the day, compared with $4.20-4.30/gal FOB (free on board) late on Monday. Meanwhile, mixed xylene spot prices were discussed higher compared with $4.15-4.25/gal FOB the previous session.
OLEFINS: ethylene up at 51.75 cents/lb, RGP bid higher at 49 cents/lb
US ethylene for December traded higher amid talk that two crackers in Texas were having operational problems. Refinery-grade propylene (RGP) for December was bid higher against an offer at 55.00 cents/lb.
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