EVENING SNAPSHOT - Americas Markets Summary

01 March 2013 23:14  [Source: ICIS news]

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

CRUDE: Apr WTI: $90.68/bbl, down $1.37; Apr Brent: $110.40/bbl, down 98 cents
NYMEX WTI crude futures closed out the week deep in negative territory on concerns that imminent US budget cuts will affect economic growth and trim energy demand. A political stalemate in Washington regarding the budget should trigger automatic spending cuts, which should affect government activities. Despite sell-off in crude futures and budget fears, the stock market rallied in response to data showing growth in US manufacturing and on sentiment that the Federal Reserve will continue its economic stimulus program. The dollar surged against the euro, responding to weak economic data out of the eurozone.      

RBOB: Apr: $3.1286/gal, up 1.69 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures increased on its first settlement of April trading as the prompt-month contract as it attempted to close the gap with the expired February contract, which settled at $2.9146/gal on Thursday.

NATURAL GAS: April: $3.456/MMBtu, down 3.0 cents
Natural gas futures settled lower on Friday, after closing the first partial week of April ’13 as the front month contract. The drop partly reflected changing forecast temperatures that now showed warmer outlooks for the northeast and Midwest regions.

ETHANE: lower at 27.00 cents/gal
Ethane spot prices followed crude and other energy commodities down on Friday.

AROMATICS: toluene tighter at $4.35-4.40/gal, mixed xylene wider at $4.45-4.50/gal
Prompt n-grade toluene spot prices were discussed at $4.35-4.40/gal FOB on Friday, sources said. The range was tighter compared with $4.35-4.45/gal FOB the previous session. Meanwhile, prompt mixed xylene (MX) spot prices were discussed at $4.45-4.50/gal FOB on Friday. The range was wider from $4.45-4.47/gal FOB the previous session.

OLEFINS: Mar ethylene wider at 62-64 cents/lb, Mar RGP higher at 68 cents/lb
No deals for March ethylene were done, with bid/offer levels at 62-64 cents/lb. Deals for March ethylene earlier in the week were all done within this range. A deal was heard for March refinery-grade propylene (RGP) at 68 cents/lb, higher than the most recent deal done at 62 cents/lb for February material.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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