27 March 2013 21:53 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $96.58/bbl, up 24 cents; May Brent: $109.69/bbl, up 33 cents
NYMEX WTI crude futures rallied for the fourth consecutive session, sparked by reports of a fire at a Canadian refinery, but they retreated after it was announced that operations were normal. WTI had experienced choppy action earlier in response to the weekly supply statistics from the Energy Information Administration (EIA), showing a much greater-than-forecast build in crude stock but much greater-than-expected drawdown in gasoline and distillate inventories. A strong rally in heating oil ahead of a long holiday weekend led the rest of the complex higher.
RBOB: Apr: $3.1155/gal, up 0.49 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded slightly higher after the EIA report showed a draw of 1.6m bbl in inventories and a build in consumption rates.
NATURAL GAS: May: $4.068/MMBtu, up 7.7 cents
The May contract began its term as the front month on the NYMEX natural gas futures market by soaring 1.9%, setting a new 2013 high for the front month contract as maintenance work on nuclear powerplants and cooler-than-normal temperatures continue to put pressure on gas inventories.
ETHANE: higher at 30.25 cents/gal
Ethane spot prices rose to above 30.00 cents/gal for the first time since early November as surging natural gas futures and stronger propane demand have helped provide support for the current rally.
AROMATICS: mixed xylene down at $3.75-4.00/gal
Prompt mixed xylene (MX) spot prices came down during the day, sources said. The range was down from $4.00-4.05/gal FOB (free on board) the previous session.
OLEFINS: March ethylene lower at 62 cents/lb; March PGP offered 64 cents/lb
A deal for March ethylene was heard done at 62.00 cents/lb, down from deals the previous week at 65.00 and 65.25 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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