23 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: Mar WTI: $95.23/bbl, down $1.45; Mar Brent: $112.80/bbl, up 38 cents
NYMEX WTI crude futures fell on sentiment that the recent gains had been overdone. Reports that the Seaway pipeline, which was expected to alleviate the crude oversupply at the Cushing hub in Oklahoma, had been forced to reduce flow rates towards the US Gulf coast contributed to the weakness. The weekly supply statistics from the American Petroleum Institute (API) revealed a much greater-than-forecasted build in crude and distillate stocks but an unexpected drawdown in gasoline inventories.
RBOB: Feb: $2.8338/gal, up 0.39 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled slightly higher despite a drop in crude futures. Traders awaited the US Energy Information Administration (EIA) inventory report to be released on Thursday. Analysts predict it to show a build of 1.3m bbl in gasoline inventories.
NATURAL GAS: Feb: $3.554/MMBtu, down 0.4 cent
NYMEX natural gas futures edged lower for a second consecutive day through Wednesday trading, characterised by lower than normal trade volumes as fluctuating weather forecasts for high consumption regions on the US east coast made near term demand patterns increasingly difficult to predict.
ETHANE: lower at 25.5 cents/gal
Ethane prices weakened for the first time in nearly two weeks, following crude and natural gas futures.
AROMATICS: mixed xylene tighter at $4.35-4.45/gal
January mixed xylene (MX) spot prices moved to within a tighter range during the day as bids moved up. The range narrowed compared with $4.25-4.45/gal FOB the previous session.
OLEFINS: ethylene offer up at 69 cents/lb, Feb PGP offer down at 75.50 cents/lb
US ethylene for January was offered up compared with 67.75 cents/lb on Tuesday against a 65.25 cent/lb bid. February polymer-grade propylene (PGP) was offered down from 77.00 cents/lb the previous day with no bids.
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