25 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: Jun WTI: $93.64bbl, up $2.21; Jun Brent: $103.41/bbl, up $1.68
NYMEX WTI crude futures extended recent gains as investors poured money into stocks and commodities in response to upbeat labour market news that showed a fall in weekly jobless claims, suggesting signs of recovery. Circulating reports that Syria’s government may have used chemical weapons also unsettled the markets and contributed to the length acquisition across the energy complex. Upside momentum also penetrated technical barriers, triggering buy stops and extending the gains. WTI has gained over $5.00/bbl during the week and is in oversold territory.
RBOB: May: $2.8118/gal, up 6.44 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices tracked higher crude futures to settle stronger as the market continued to digest the US Energy Information Administration (EIA) report, which showed a gain of 366,000 bbl/day in gasoline consumption to reach 8.750m bbl/day. Encouraging US unemployment benefit claims also boosted gasoline futures prices.
NATURAL GAS: May: $4.167/MMBtu, up 0.1 cent
The front month on the NYMEX natural gas market closed a volatile Thursday trading session almost flat from the previous day’s settlement. Contracts see-sawed through the day as traders came to terms with the EIA’s latest weekly gas storage report and weather forecasts, indicating warmer-than-usual temperatures across the much of the country over the course of the next two weeks.
ETHANE: higher at 29.25 cents/gal
Ethane spot prices were slightly higher on Thursday, following strength in the energy complex.
AROMATICS: mixed xylenes tighter at $4.00-4.10/gal
Prompt mixed xylenes (MX) spot prices were discussed within a tighter range on Thursday at $4.00-4.10/gal FOB (free on board), as bids firmed. The range narrowed from $3.95-4.10/gal FOB the previous session.
OLEFINS: ethylene bid flat at 56 cents/lb, PGP flat at 58.25 cents/lb
April ethylene was bid flat at 56 cents/lb on Thursday as market players said activity has been limited by lack of a clear direction. April polymer-grade propylene (PGP) prices remained at 58.25 cents/lb as a major producer came back online.
For more pricing intelligence please visit www.icispricing.com
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections