EVENING SNAPSHOT - Americas Markets Summary

28 November 2012 23:33  [Source: ICIS news]

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

CRUDE: Jan WTI: $86.49/bbl, down 69 cents; Jan Brent: $109.51/bbl, down 36 cents
NYMEX WTI crude futures regained some ground that was lost earlier on comments from US House Speaker John Boehner, indicating a possible deal to avoid the fiscal cliff. Oil still settled lower than the previous day’s session on ongoing global economic concerns.

RBOB: Dec: $2.7339, up 0.18 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were slightly higher despite the US Energy Information Administration (EIA) report, which showed a larger-than-expected build up of inventories and a drop in gasoline consumption.

NATURAL GAS: Dec: 3.696/MMBtu, down 7.3 cents
Gas futures on the NYMEX bounced back slightly through Wednesday afternoon trading after heavy losses in the morning session brought on by milder overnight weather forecasts. Slack gas demand is now anticipated for much of the country through early December, with above to well-above average temperatures predicted across the US east and midwest over the next 5-10 days. 

ETHANE: lower at 26.125 cents/gal
Ethane spot prices traded at a record low as oversupply and static demand continue to weigh on the market.

AROMATICS: toluene wider at $4.21-4.32/gal, mixed xylenes tighter at $4.28-4.35/gal
US n-grade toluene discussions moved within a wider range during the day. Discussions for December delivery were further apart on bids compared with $4.22-4.32/gal FOB (free on board) on Tuesday. Meanwhile, December mixed xylene (MX) bids were up, while offers were stable. The range narrowed compared with $4.25-4.35/gal FOB the previous day.

OLEFINS: Dec: ethylene down at 51.125 cents/lb, RGP down at 49.50 cents/lb
US ethylene for December traded lower compared with Tuesday, while refinery-grade propylene (RGP) for November traded at 49.50 cents/lb, down from 50.50 cents/lb in the previous week.

For more pricing intelligence please visit www.icispricing.com

By: Tracy Dang
+1 713 525 2653

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