30 January 2013 23:32 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $97.94/bbl, up 37 cents; Mar Brent: $114.90/bbl, up 54 cents
NYMEX WTI crude futures rose for the third consecutive session on the back of strong gasoline futures in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater-than-forecast drawdown in gasoline stocks, countering a much greater-than-expected build in crude inventories. A weaker dollar also provided support, overshadowing losses in the stock market on data showing the US economy contracting in the fourth quarter.
RBOB: Feb: $3.0387/gal, up 6.53 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled above the $3/gal mark as the EIA report showed a drop of 1m bbl in gasoline inventories and a gain of 70,000 bbl/day in consumption for the week ended 25 January.
NATURAL GAS: March: $3.335/MMBtu, up 7.7 cents
The March contract closed its first day as the front month on the NYMEX natural gas market by rising 2.3%. Gas futures posted the first increase in six sessions on the back of a colder near-term weather forecast for the Midwest, which increases winter heating demand expectations.
ETHANE: higher at 25.00 cents/gal
Ethane spot prices were higher, tracking the rise in crude and other energy commodities.
AROMATICS: toluene tighter at $4.22-4.24/gal, mixed xylene flat at $4.50-4.60/gal
Prompt n-grade toluene spot prices were discussed within a tighter range during the day, following a second-half trade reported at $4.23/gal FOB (free on board). The range was tighter compared with $4.20-4.30/gal FOB the previous session. Meanwhile, mixed xylene (MX) activity remained thin. As a result, MX spot prices were flat from the previous day.
OLEFINS: Feb ethylene bid down at 64 cents/lb; PGP flat at 76 cents/lb
US ethylene for February was bid down from deals done at 65.25 and 66.00 cents/lb on Tuesday against an offer at 66.50 cents/lb. Polymer-grade propylene (PGP) for February traded flat with a deal at 76 cents/lb on Friday.
For more pricing intelligence please visit www.icispricing.com
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