EVENING SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Feb WTI: $93.56/bbl, down 26 cents; Feb Brent: $110.64/bbl, down $1.25
NYMEX WTI crude futures finished the week in negative territory under pressure from a sell-off in the gasoline and heating oil complex in response to reports of several cargoes of European gasoline and gasoil moving trans-Atlantic towards New York harbour. Rising production in North Sea Forties pressured the Brent contract and also contributed to the weakness in WTI. Reports that the expansion of the Seaway Pipeline carrying crude from the oversupplied Cushing, Oklahoma, hub to US Gulf refineries had been completed eventually provided support.

RBOB: Feb: $2.7395/gal, down 5.38 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices finished the week at the lowest price since February became the prompt month. It tracked a drop in crude, and reports that several cargoes of European gasoline moving toward the New York Harbour weakened futures.

NATURAL GAS: Feb: $3.327/MMBtu, up 13.4 cents
NYMEX natural gas futures closed the week by posting the biggest gain in 14 sessions, taking the front-month contract to a 2013 high. Traders continued to react to the two-year high withdrawal reported in the Energy Information Administration’s (EIA) latest weekly gas storage report for the week ending 4 January.

ETHANE: higher at 21.75 cents/gal
Ethane prices rebounded from Thursday’s all-time low, but still remain under pressure from an oversupplied market.

AROMATICS: toluene wider at $4.05-4.35/gal, mixed xylene tighter $4.30-4.50/gal
Prompt toluene spot prices moved into a wider range during the day, following a reported deal at $4.14/gal. The afternoon range grew further apart, compared with $4.10-4.30/gal FOB (free on board) from the previous session. Meanwhile, mixed xylene (MX) spot prices moved to within a more narrow range, compared with $4.30-4.55/gal FOB from the previous day.

OLEFINS: ethylene down at 64.25 cents/lb, PGP up at 72 cents/lb
US ethylene for January traded down from a deal at 65 cents/lb on Wednesday, while polymer-grade propylene (PGP) traded up from a previous deal at 71.50 cents/lb, also on Wednesday.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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