NOON SNAPSHOT - Americas Markets Summary

10 April 2013 18:00  [Source: ICIS news]

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

CRUDE: May WTI: $94.07/bbl, down 13 cents; May Brent: $105.73/bbl, down 50 cents
NYMEX WTI crude futures drifted lower in response to the weekly supply statistics from the US Energy Information Administration (EIA) showing a build in crude and gasoline inventories. A strong dollar also pressured the energy complex, but the dip was kept in check by a strong rally in the stock market. WTI bottomed out at $93.40/bbl before rebounding.

RBOB: May: $2.8739/gal, down 6.85 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices fell during morning trading after Wednesday’s EIA report showed an unexpected increase of 1.7m bbl to 222.4m bbl in gasoline inventories for the week ended 5 April.

NATURAL GAS May: $4.150/MMBtu, up 13.3 cents
The front month on the NYMEX natural gas market rallied through Wednesday morning after posting two consecutive losses earlier this week. The May contract surged 3.3% higher boosted by weather forecasts predicting lingering below-average temperatures through the Midwest over the next few weeks and ongoing nuclear power plant outages.

ETHANE: higher at 29.00 cents/gal
Ethane spot prices were higher, following stronger natural gas futures.

AROMATICS: Benzene wider at $4.39-4.65/gal
Prompt April benzene spot prices were discussed within a wider range early this morning. The range was wider compared with $4.50-4.54/gal FOB (free on board) the previous afternoon.

OLEFINS: ethylene done lower at 54.5 cents/lb, PGP offered higher at 60 cents/lb
April ethylene spot prices fell to 54.5 cents/lb on news of a deal done, lower than the previous deal done at 55.0 cents/lb earlier in the week. US spot polymer-grade propylene (PGP) was offered higher at 60 cents/lb compared with 59 cents/lb the previous day.

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By: Staff Reporter
+44 20 8652 3214

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