14 February 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $97.31/bbl, up 30 cents; Apr Brent: $118.00/bbl, up 12 cents
NYMEX WTI crude futures worked higher, tracking a gasoline (RBOB) driven rally on concerns of tight supplies as a result of extensive refinery maintenance plans ahead of the summer. The upside momentum trumped modest losses in the stock market, despite a drop in unemployment claims and the euro falling against the dollar.
RBOB: Mar: $3.1166/gal, up 8.12 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices spiked as applications for unemployment benefits fell below the 350,000 mark, which means demand for commodities, such as retail gasoline, could increase. Concerns of tight gasoline supplies during the busy spring maintenance season also boosted RBOB futures.
NATURAL GAS: Mar: $3.163/MMBtu, down 14.3 cents
The front month on the NYMEX natural gas market closed Thursday trading down 4.5%, settling at its lowest level since early January, on the back of warmer forecasts for high demand regions and a lower-than-expected withdrawal from gas inventories over the week ended 8 February as reported by the US Energy Information Administration (EIA).
ETHANE: steady at 25 cents/gal
Ethane spot prices traded lower during morning hours but were assessed stable from Wednesday’s price as crude futures settled higher.
AROMATICS: toluene down at $4.40-4.50/gal, Mixed xylenes wider at $4.50-4.70/gal
Prompt n-grade toluene spot prices were discussed lower during the day, sources said. The toluene range was down from $4.45-4.57/gal FOB (free on board) the previous session. Meanwhile, mixed xylenes (MX) bid/offer levels moved further apart. The February range discussed was wider compared with a trade at $4.60/gal the previous day.
OLEFINS: Feb ethylene flat at 61.75 cents/lb; PGP down at 64-65 cents/lb
February ethylene traded flat with a deal on Tuesday, while February PGP spot deals were heard done at 64-65 cents/lb, down from a previous deal done on Tuesday at 72.50 cents/lb.
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