21 February 2013 23:06 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $92.84/bbl, down $2.38; Apr Brent: $113.53/bbl, down $2.07
NYMEX WTI crude futures extended recent losses in response to downbeat economic data from the eurozone and the US, while the stock market lost ground on sentiment that the US Federal Reserve will end the stimulus program sooner than expected. The weekly supply statistics from the Energy Information Administration (EIA) showed a much-greater-than-forecast build in crude stocks, the highest level since July 2012. A much-greater-than-expected drawdown in distillate and gasoline inventories and a rise in gasoline demand offset the crude data.
RBOB: Mar: $3.0365/gal, down 2.3 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures fell as it tracked the weakness in crude oil futures, despite the EIA report, which showed a slight build-up in gasoline consumption and a drop in inventories.
NATURAL GAS: March: $3.246/MMBtu, down 3.3 cents
Natural gas futures on the NYMEX ended slightly lower after a day of trading that showed nonplussed reaction to the EIA storage report. The drawdown figure reported from gas inventories was largely within expectations.
ETHANE: stable at 26.00 cents/gal
Ethane spot prices were stable on Thursday as several deals were done at this price.
AROMATICS: mixed xylene down at $4.49-4.51/gal
February mixed xylene (MX) traded at $4.50/gal FOB (free on board) during the day, sources said. The trade was on the low-end of the previous day’s range of $4.50-4.56/gal FOB.
OLEFINS: Feb ethylene offer up at 62.50 cents/lb; PGP flat at 65.375-66.250 cents/lb
February ethylene was offered higher from a deal at 62 cents/lb on Tuesday against a 60.75 cent/lb bid. Polymer-grade propylene (PGP) was assessed flat with deals done at 65.375-66.250 cents/lb the previous day.
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