11 April 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $93.51/bbl, down $1.13; May Brent: $104.27/bbl, down $1.52
NYMEX WTI crude futures sold down sharply in response to various agencies lowering forecasts for global oil-demand growth. The US Energy Information Administration (EIA) and the International Energy Agency (IEA) issued warnings that sluggish economic growth will result in rising supplies and declining energy demand. The EIA weekly supply statistics showed crude inventories are at their highest levels since 1990. WTI bottomed out at $93.06/bbl before rebounding.
RBOB: May: $2.8310/gal, down 3.41 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled lower on a drop in crude futures and as the market remained influenced by Wednesday’s EIA report, which showed an unexpected increase in gasoline inventories.
NATURAL GAS: May: $4.139/MMBtu, up 5.4 cents
The front month on the NYMEX natural gas market was boosted by the release of the EIA's latest weekly gas storage report, which showed a further reduction in US inventories over the week ended 5 April. The demand outlook remained strong for the Midwest region, based on cooler than normal temperatures.
ETHANE: stable at 29.00 cents/gal
Thursday’s ethane spot prices traded at Wednesday’s level.
AROMATICS: toluene flat at $3.80-3.85/gal, mixed xylenes flat at $3.85-3.95/gal
Prompt April n-grade toluene and mixed xylenes (MX) spot prices were stable during the day, sources said. Activity was thin for both markets.
OLEFINS: ethylene done higher at 58 cents/lb, RGP done lower at 51 cents/lb
April ethylene was traded three times at 58 cents/lb, higher than a deal done at 55 cents/lb the previous day, on news of a cracker outage. April refinery-grade propylene (RGP) was done at 51.00 cents/lb, lower than the most recent deal of 56.25 cents/lb, which was done in March.
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