EVENING SNAPSHOT - Americas Markets Summary

20 February 2013 23:30  [Source: ICIS news]

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

CRUDE: Mar WTI: $94.46/bbl, down $2.20; Apr Brent: $115.60/bbl, down $1.92
NYMEX light sweet crude (WTI) finished sharply down on the back of aggressive length liquidation as the front month contract expired at the end of the session. Unconfirmed reports that a troubled commodity hedge fund had been forced to liquidate assets also triggered panic selling across the energy complex. Crude prices had started to slide on expectations that Saudi Arabia will raise output in the second quarter in order to satisfy global demand as economies improve. The downside momentum penetrated technical barriers, triggering sell stops.

RBOB: Mar: $3.0595/gal, down 6.17 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline on lower crude and as the recent surge in prices caused concern that gasoline demand will drop.

NATURAL GAS: Mar: $3.279/MMBtu, up 0.7 cents/MMBtu
The front month contract on the NYMEX natural gas market settled Wednesday, trading up slightly from the previous days close, following a volatile day’s trading in which the contract oscillated between loss and gain. Demand expectations have become harder to predict following the release of overnight weather forecasts, showing colder-than-normal weather across much of the country for the next two weeks and milder weather across high-consumption regions in the of the northeast.

ETHANE: higher at 26.00 cents/gal
Ethane spot prices rose on Thursday, decoupling from crude but following natural gas.

AROMATICS: toluene wider at $4.35-4.50/gal, mixed xylene down at $4.50-4.56/gal
Prompt toluene spot prices were discussed within a wider range during the day as bid/offer levels moved further apart. The afternoon range was wider from $4.41-4.43/gal FOB (free on board) the previous session. Mixed xylene (MX) spot prices moved down during the day, compared with $4.56-4.57/gal FOB the previous day.

OLEFINS: Feb ethylene flat at 62 cents/lb; PGP wider at 65.375-66.25 cents/lb
No deals for February ethylene were heard, but a deal for March was done at 62 cents/lb. Three deals for polymer-grade propylene (PGP) were done at 65.375, 65.500 and 66.250 cents/lb, wider compared with the previous deal on Friday at 66.000 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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