28 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: Apr WTI: $92.05/bbl, down 71 cents; Apr Brent: $111.38/bbl, down 49 cents
NYMEX WTI crude futures staged a late sell-off on length liquidation, despite modest gains in the stock market and released data showing a decline in US jobless claims. The unresolved budget issues in Washington, which likely will result in mandatory cuts and freezes, weighed on the market.
RBOB: Mar: $2.9146/gal, up 5.81 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rebounded as the US Department of Labor said claims for unemployment benefits fell for the first time in three weeks. Positive jobs data means demand for commodities such as retail gasoline could increase.
NATURAL GAS: Apr: $3.486/MMBtu, up 5.2 cents
The front month contract on the NYMEX natural gas market settled for the day up 1.5% at a four-week high, boosted by the Energy Information Administration’s (EIA) latest weekly gas storage report, which showed a larger-than-expected inventory decline over the week ended 22 February.
ETHANE: higher at 27.63 cents/gal
Ethane spot prices were higher on the lingering effects of ethane rejection and strong cracker production.
AROMATICS: toluene flat at $4.35-4.45/gal, mixed xylene flat at $4.45-4.47/gal
There were no fresh trades heard during the day for n-grade toluene or mixed xylene. As a result, prices were unchanged from the previous session.
OLEFINS: ethylene done higher at 62.75 cents/lb; PGP done flat at 70 cents/lb
February ethylene was traded at 62.75 cents/lb on Thursday, higher than two deals done the previous day at 62.50 cents/lb. Two trades for February polymer-grade propylene (PGP) were heard done at 70 cents/lb, flat with a trade done on Tuesday.
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