NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: May WTI: $93.10/bbl, up 65 cents; May Brent: $107.75/bbl, up 28 cents
NYMEX WTI crude futures worked higher, tracking a rally in the equity markets and a strong euro in response to encouraging news regarding the banking crisis in Cyprus, which could affect the rest of the eurozone credit. WTI also experienced some pre-weekend buying on sentiment that Thursday’s sell-off had been overdone.

RBOB: Apr: $3.0695/gal, down 0.11 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices had little change during morning trading despite upward movement in crude futures.

NATURAL GAS: Apr: $3.976/MMBtu, up 4.1 cents
The front month on the NYMEX natural gas market climbed several cents through Friday morning, boosted by overnight weather forecasts predicting an extension into April of the current cold spell being felt across the Midwest, as well as continuing nuclear power outages.

ETHANE: higher at 29 cents/gal
Ethane spot prices were slightly higher on Friday, tracking higher crude futures as more buyers have entered the market.

AROMATICS: benzene flat at $4.24-4.30/gal
Prompt March benzene spot prices were stable early in the day. March discussions were thin, as most trade sources were starting to shift to April benzene discussions. 

OLEFINS: ethylene offered lower at 64.5 cents/lb, PGP offered lower at 63.375 cents/lb
No bids were heard for March ethylene, but offers fell to 64.5 cents/lb from 65.0 cents/lb the previous day. Offers for March polymer-grade propylene (PGP) fell to 63.375 cents/lb compared to deals done the previous day at 63.750 cents/lb.

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By: Staff Reporter
+44 20 8652 3214

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