01 May 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: June WTI: $91.03/bbl, down $2.43; June Brent: $99.95/bbl, down $2.42
NYMEX WTI crude futures settled down sharply on disappointing economic data out of China and the US showing weaker-than-expected manufacturing growth. Weekly US stock figures, which showed a much larger build in crude than forecast, also created negative sentiment in the market.
RBOB: Jun: $2.7193/gal, down 8.27 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices plummeted as June took over the prompt month spot. Contributing to the drop in prices was the US Energy Information Administration (EIA) report, which showed a drop of 335,000 bbl/day in gasoline consumption to 8.415m bbl/day.
NATURAL GAS: Jun: $4.326/MMBtu, down 1.7 cents
The front month on the NYMEX natural gas futures market slumped through Wednesday afternoon trading to settle down nearly two cents from the previous day’s close, as expectations of a lower-than-average inventory addition in Thursday’s weekly gas storage report failed to offset concerns about declining gas demand over the coming months.
ETHANE: lower 29.125 cents/gal
Ethane spot prices were lower as the market rolled over to a new prompt month. Sources said demand was stable, but weak crude helped put downward pressure on prices.
AROMATICS: benzene down at $4.20-4.33/gal
May benzene spot prices were discussed at $4.20-4.33/gal FOB on Wednesday, sources said. The range was down from $4.32-4.40/gal FOB the previous session, following the drop in weaker energy futures.
OLEFINS: May ethylene done lower at 54 cents/lb; May RGP bid lower at 47.5 cents/lb
May ethylene traded at 54.00 cents/lb on Wednesday, down from the previous trade for April material at 59.25 cents/lb, as demand remains soft. May refinery-grade propylene (RGP) bids fell to 47.5 cents/lb, lower than deals done the previous week at 50.0-51.0 cents/lb for April material.
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