EVENING SNAPSHOT - Americas Markets Summary

08 April 2013 22:20  [Source: ICIS news]

HOUSTON (ICIS)--Here is Monday's end of day Americas oil and chemical market summary from ICIS.

CRUDE: May WTI: $93.36/bbl, up 66 cents; May Brent: $104.66/bbl, up 54 cents
NYMEX WTI crude futures rallied on sentiment that the market was oversold after three consecutive down sessions. Concerns regarding Q1 corporate earnings had pressured the stock market early on but reversed direction to close in positive territory. A rally in gasoline (RBOB) futures also provided support.

RBOB: May: $2.9093/gal, up 4.57 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices rebounded after losing more than 23 cents/gal last week on poor economic data. Higher crude futures helped to boost RBOB prices.

NATURAL GAS: May: $4.082/MMBtu, down 4.3 cents
The front month on the NYMEX natural gas market closed the day down more than 1%, slumping in the afternoon despite initially extending last Friday’s price surge. The market became bearish on the milder weather outlook for the rest of April, which gradually outweighed bullish sentiment based on offline nuclear power plants as the day wore on.

ETHANE: higher at 29.13 cents/gal
Ethane spot prices were higher, following a stronger energy complex.

AROMATICS: Toluene wider at $3.75-3.85/gal, mixed xylene wider at $3.80-3.90/gal
US toluene spot prices were discussed within a wider range to start the week on an FOB (free on board) and DDP (duty, delivered paid) basis, sources said. The range was wider from $3.79-3.81/gal FOB the previous session. Meanwhile, prompt April mixed xylene (MX) spot prices were also discussed within a wider range from $3.81-3.83/gal FOB the previous session.

OLEFINS: ethylene done lower at 55.0 cents/lb, PGP lower at 56.5-58.5 cents/lb
A deal for April ethylene was heard done at 55.0 cents/lb, lower than a deal done on Friday at 57.5 cents/lb. Bid/offer levels for April polymer-grade propylene (PGP) fell to 56.5-58.5 cents/lb, down from the most recent deal done at 61 cents/lb the previous week.

For more pricing intelligence please visit www.icispricing.com


By: Staff Reporter
+44 20 8652 3214



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