12 December 2012 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.77/bbl, up 98 cents; Jan Brent: $109.50/bbl, up $1.49
NYMEX WTI crude futures posted strong gains in response several factors. The International Energy Agency (IEA) raised its forecast for global oil demand in 2013 in its monthly market oil report, and OPEC maintained its 30m bbl/day output quota. The rally overshadowed the weekly inventory report from the Energy Information Administration (EIA), showing an unexpected build in crude stocks and a much larger than forecasted build in distillate and gasoline inventories.
RBOB: Jan: $2.6465, up 3.60 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices settled higher after the US Energy Information Administration (EIA) showed a gain in gasoline consumption last week.
NATURAL GAS: Jan: $3.382/MMBtu, down 3 cents
NYMEX natural gas futures fell for a fifth consecutive day with the front month contract settling at its lowest point since early October. Trade continues to be pessimistic on mild short term weather forecasts and predictions by the US Energy Information Agency (EIA) in its latest short term energy outlook that US natural gas consumption would shrink by 0.4% through 2013, with production rising 0.5% over the same period.
ETHANE: higher at 22.75 cents/gal
Ethane prices rebounded slightly as Shell and Flint Hills Resources will soon be restarting crackers.
AROMATICS: toluene flat at $4.45-4.60/gal, mixed xylene tighter at $4.84-4.86/gal
Prompt toluene spot prices were flat from the previous session with many trade sources out of the market ahead of an industry function. Meanwhile, December mixed xylene (MX) traded during the day at $4.85/gal FOB (free on board). The deal was within the previous day’s range of $4.75-5.15/gal FOB.
OLEFINS: ethylene bid lower at 53.50 cents/lb, RGP bid flat at 49.50 cents/lb
US ethylene for December was bid lower from deals on Tuesday against an offer at 55.00 cents/lb. Meanwhile, refinery-grade propylene (RGP) for December or January was bid flat compared with the previous day. No offers were heard. RGP for December traded at 49.00 cents/lb last week.
For more pricing intelligence please visit www.icispricing.com
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections