18 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: $87.73/bbl, up $1.05; Jun Brent: $99.13/bbl, up $1.44
NYMEX WTI crude futures rose as investors engaged in bargain hunting after WTI futures shed close to $8.00/bbl during the past five trading sessions. Aggressive buying, in choppy action, also received support from the euro rising against the dollar.
RBOB: May: $2.7555/gal, up 2.65 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled higher as it tracked the strength in crude futures and as the US Department of Labor said the number of unemployment benefits claims was little changed, signalling a stabilising labour market.
NATURAL GAS: May: $4.401/MMBtu, up by 18.7 cents/MMBtu
Natural gas futures surged after the US Energy Information Administration (EIA) storage report showed that while the first weekly injection of the season was up, it remained 4.2% below the five-year average. The latest 10-day weather forecasts show colder temperatures moving east, further supporting heat-related demand for natural gas.
ETHANE: higher at 29.00 cents/gal
Ethane spot prices were higher, following stronger natural gas and crude futures.
AROMATICS: styrene down at 70-72 cents/lb
Prompt styrene spot prices were discussed at 70-72 cents/lb FOB (free on board), trade sources said during the day. The range was down from a deal at 73 cents/lb FOB the previous day.
OLEFINS: ethylene wider at 59.0-61.5 cents/lb, PGP done higher at 56.5 cents/lb
April ethylene bid/offer levels widened to 59.000-61.500 cents/lb, compared with 59.875-61.000 cents/lb the previous day. US polymer-grade propylene (PGP) done higher at 56.50 cents/lb, compared with the previous deal at 55.75 cents/lb.
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