NOON SNAPSHOT - Americas Markets Summary

27 March 2013 16:58  [Source: ICIS news]

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

CRUDE: May WTI: $96.09/bbl, down 25 cents; May Brent: $109.39/bbl, up 3 cents
NYMEX WTI crude futures drifted lower in response to the weekly supply statistics from the Energy Information Administration (EIA), showing a much greater-than-forecast build in crude stocks. The losses were kept in check by the same data showing gasoline and distillate inventories falling more than expected. Three consecutive sessions of strong gains also encouraged some profit taking.

RBOB: Apr: $3.1051/gal, down 0.55 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded slightly lower, despite the US Energy Information Administration (EIA) report showing a draw of 1.6m bbl in inventories and a build in consumption rates.

NATURAL GAS: May: $4.055/MMBtu, up 6.4 cents
The May contract began its term as the front month on the NYMEX natural gas futures market by rising through morning trade, as maintenance work on nuclear power plants was extended to an increasing number of reactors overnight, increasing gas demand potential from generators.

ETHANE: higher at 30.13 cents/gal
Ethane spot prices rose to above 30 cents/gal for the first time since the first week of November 2012 as demand continues to strengthen.

AROMATICS: benzene down at $4.30-4.40/gal
April benzene spot bid/offer levels came down early in the day, sources said. The morning range was down from $4.38-4.43/gal FOB (free on board) the previous session.

OLEFINS: April ethylene offered 63 cents/lb; March PGP offered 64 cents/lb
No bids were heard for April ethylene, and offers were heard at 63 cents/lb, lower than the previous deal of 64.75 cents/lb. March PGP was offered at 64 cents/lb with no bids, higher than the previous deal at 63.75 cents/lb.

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By: Staff Reporter
+44 20 8652 3214

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