08 March 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $91.95/bbl, up 39 cents; Apr Brent: $110.85/bbl, down 30 cents
NYMEX WTI crude futures posted light gains after spending most of the session in negative territory. WTI tracked a strong rally in gasoline (RBOB) futures. Another stock market rally in response to released data showing strong jobs gains and the unemployment rate hitting a four-year low provided underlying support but the same data propped up the dollar against a basket of currencies, helping cap the rally.
RBOB: Apr: $3.2035/gal, up 8.02 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled higher as the US Department of Labor said the US economy added 236,000 jobs in February and the nation’s jobless rate dropped from 7.9% in January to 7.7% in February.
NATURAL GAS: Apr: $3.629/MMBtu, up 4.7 cents
The front month contract on the NYMEX natural gas market hit a fresh 2013 high through a trading session characterised by below-average volumes, as bullish sentiment stemming from recent inventory declines cancelled out concerns over milder weather forecasts.
ETHANE: stable at 27.00 cents/gal
Ethane spot prices were stable on Friday, as strong cracker production helped provide support. Sources said trading activity has been thin in recent weeks.
AROMATICS: styrene down at 74-76 cents/lb
Prompt US styrene spot prices were discussed within a lower range on Friday, sources said. The range was down from 75.75-76.25 cents/lb FOB (free on board) the previous day, following the drop in benzene.
OLEFINS: Mar ethylene lower at 61-64 cents/lb, Mar PGP done lower at 65.00-65.25 cents/lb
Bid/offer levels for March ethylene fell to 61-64 cents/lb but trading activity was thin and demand was soft. March polymer-grade propylene (PGP) was done at 65.00 and 65.25 cents/lb, down from a deal done Thursday at 66.00 cents/lb.
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