02 May 2013 22:50 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $93.99/bbl, up $2.96; June Brent: $102.85/bbl, up $2.90
NYMEX WTI futures spiked by over 3% on a stronger stock market and a report that jobless claims were at their lowest since 2008. The European Central Bank also cut interest rates in an attempt to jump start economic activity in the eurozone. Gains were tempered by ample supply and an unstable demand outlook.
RBOB: Jun: $2.7806/gal, up 6.13 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices recovered nearly all of Wednesday’s 8.27 cent/gal drop as it tracked higher crude futures. US jobless benefits claims dropped last week to their lowest level in more than five years, lending some support to RBOB futures.
NATURAL GAS: June: $4.025/MMBtu, down 30.1 cents
The front month on the NYMEX natural gas market closed down nearly 7% from the previous days settlement, crashing to a three-week low on the back of the latest US Energy Information Administration report, which showed a higher-than-expected inventory surplus over the prior week. The near-term demand outlook remains bearish, due to milder temperatures and the restart of previously off line nuclear power capacity.
AROMATICS: mixed xylene up at $4.00-4.10/gal, toluene tighter at $4.00-4.05/gal
Prompt mixed xylene (MX) price discussions were higher during the day, sources said. The range was up from $3.90-4.05/gal FOB (free on board) the previous session. Meanwhile, toluene spot prices moved to a wider range, as bids firmed. The May toluene range was tighter, compared with $3.95-4.05/gal FOB the previous day.
OLEFINS: ethylene bid lower at 52 cents/lb; PGP done higher at 59.25 cents/lb
May ethylene bid levels fell to 52 cents/lb on Thursday afternoon, lower than a deal done the previous day at 54 cents/lb. US polymer-grade propylene (PGP) for May was heard done at 59.25 cents/lb, higher than the previous deal at 58.25 cents/lb.
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