NOON SNAPSHOT - Americas Markets Summary

21 March 2013 17:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: May WTI: $93.14/bbl, down 36 cents; May Brent: $107.84/bbl, down 88 cents
NYMEX WTI crude futures drifted lower on the first day for May as the spot month in response to concerns that the eurozone economy would be dragged down by the crisis in Cyprus. A jump in US jobless claims also pressured the stock market and affected the energy complex.

RBOB: Apr: $3.0954/gal, down 2.09 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices trended lower in an attempt to correct Wednesday’s gain of more than 7 cents/gal.

NATURAL GAS: Apr: $3.930/MMBtu, down 3 cents
The front month contract on the NYMEX natural gas market edged lower through Thursday morning, following the release of the US Energy Information Administration’s (EIA) latest weekly gas storage report, which showed a lower-than-expected withdrawal from US inventories over the week ended 15 March.

ETHANE:  higher at 28.88 cents/gal
Ethane spot prices were higher following strength in natural gas futures. More buyers have also entered the market, providing additional upward support.

AROMATICS: Benzene flat at $4.22-4.28/gal
Prompt benzene spot prices were stable early in the day. Trade sources were instead discussing outer month benzene prices for April and May in the morning.

OLEFINS: Mar ethylene tighter at 64-65 cents/lb, Mar PGP done lower at 63.75 cents/lb
March ethylene bid/offer levels tightened to 64.00-65.00 cents/lb compared with bid/offer levels the previous day at 63.00-65.75 cents/lb. March polymer-grade propylene (PGP) was done twice at 63.75 cents/lb, lower than the previous deal at 65.50 cents/lb.

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By: Staff Reporter
+44 20 8652 3214

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