EVENING SNAPSHOT - Americas Markets Summary

02 January 2013 23:00  [Source: ICIS news]

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

CRUDE: Feb WTI: $93.12/bbl, up $1.30; Feb Brent: $112.47/bbl, up $1.36
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market and across various commodities in response to the announcement that US lawmakers had reached a last-minute agreement that removed some of the uncertainties regarding tax hikes and austerity measures. Upbeat economic data from China also provided support, but the dollar rising against the euro helped cap the rally.

RBOB: Feb: $2.7951/gal, up 3.34 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) futures rose, following the approval of a deal to avert the fiscal cliff by US Congress. Positive manufacturing and jobs data also lent support to the early rally.

NATURAL GAS: Feb: $3.233/MMBtu, down 11.8 cents
NYMEX natural gas futures closed the first trading day of 2013, down nearly 3.5% from the start of trade on the back of milder temperature outlooks for the next two weeks. The front month contract recovered slightly in the afternoon after dropping by as much as 17 cents in the morning session, though the settlement price is the lowest since end September.

ETHANE: lower at 23.5 cents/gal
Ethane spot prices drifted lower, decoupling from other energy commodities.

AROMATICS: toluene down at $4.25-4.45/gal, mixed xylene up at $4.75-4.85/gal
US n-grade toluene spot prices were discussed within a lower range on Wednesday. The prompt toluene range was down from the previous band of $4.35-4.50/gal FOB (free on board). Meanwhile, mixed xylene spot prices were discussed at $4.75-4.85/gal FOB during the day. The MX range for January was up from the previous range of $4.50-4.70/gal FOB.

OLEFINS: ethylene down at 59.50 cents/lb, PGP down at 66.50 cents/lb
US ethylene traded lower compared with a deal at 59.875 cents/lb on Monday. Polymer-grade propylene (PGP) for January was transacted lower compared with a previous deal at 67 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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