03 April 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $94.45/bbl, down $2.74; May Brent: $107.11/bbl, down $3.58
NYMEX WTI crude futures plunged in response to the weekly supply statistics from the Energy Information Administration (EIA) that revealed a much-greater-than-forecast build in crude stocks, overshadowing a drawdown in refined products. A sell-off in the stock market and in gasoline futures also pressured oil prices.
RBOB: May $2.9140/gal, down by 12.68 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures for the May prompt month contract fell sharply by 12.68 cents/gal to $2.9140/gal on Wednesday, as government data showed a less-than-expected draw from gasoline inventories.
NATURAL GAS: May: $3.900/MMBtu, down 6.9 cents
The front month on the NYMEX natural gas market fell by 1.7% through Wednesday trading to close at a five-session low, as expectations over falling fuel demand in the coming weeks take hold due to rising temperatures.
ETHANE: lower at 28.50 cents/gal
Ethane spot prices were lower, following weakness in natural gas and other energy commodities.
AROMATICS: mixed xylenes tighter at $3.81-3.83/gal
Mixed xylenes (MX) traded at $3.82/gal during the day, sources said. The deal was within the previous day’s range of $3.80-3.90/gal FOB (free on board).
OLEFINS: ethylene higher at 61.50-61.75 cents/lb; PGP higher at 61.0-62.5 cents/lb
April ethylene spot prices moved higher on two deals done at 61.50 and 61.75 cents/lb, compared with the previous deal at 61.25 cents/lb. Bid/offer levels for April polymer-grade propylene (PGP) moved higher to 61.0-62.5 cents/lb, compared with a deal done on Tuesday at 61.0 cents/lb.
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