EVENING SNAPSHOT - Americas Markets Summary

24 April 2013 23:14  [Source: ICIS news]

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

CRUDE: Jun WTI: $91.43/bbl, up $2.25; Jun Brent: $101.73/bbl, up $1.42
NYMEX WTI crude futures rose sharply in response to the weekly supply statistics from the US Energy Information Administration (EIA) showing a much greater than expected drawdown in gasoline inventories and a much lower than forecasted build in crude stocks. The upside momentum penetrated technical barriers, triggering buy stops and extending the gains.

RBOB: May: $2.7474/gal, up 2.84 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled higher after the EIA report showed a 4.4% gain in gasoline consumption rates and a 1.8% decline in inventories for the week ended 19 April.

NATURAL GAS: May: $4.166/MMBtu, down 7.2 cents
The front month on the NYMEX natural gas market extended recent losses into a third day, sliding as near-term weather forecasts for warmer than average temperatures and the gradual restart of previously offline nuclear capacity maintains the negative gas demand outlook.

ETHANE: lower at 28.75-29.00 cents/gal
Ethane spot prices were slightly lower than the end of day on Tuesday on lower natural gas futures.

AROMATICS: toluene up at $3.94-3.96/gal, mixed xylene stronger at $3.95-4.10/gal
Prompt n-grade toluene traded at $3.95/gal during the day, according to trade sources. The deal was up from spot prices at $3.83-3.90/gal FOB (free on board) the previous session. Meanwhile, mixed xylene (MX) spot prices were discussed within a higher range. The MX spot range was up from $3.90-4.00/gal FOB the previous session.

OLEFINS: April ethylene offered lower at 60 cents/lb, April PGP done higher at 58.25 cents/lb
April ethylene offers fell to 60 cents/lb compared with 62 cents/lb the previous day, while bids were steady at 56 cents/lb. April polymer-grade propylene (PGP) was heard done at 58.25 cents/lb, higher than the previous deal at 57.75 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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