08 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: Jun WTI: $96.62/bbl, up $1.00; Jun Brent: $104.34/bbl, down 6 cents
NYMEX WTI crude futures rose, tracking a rally in the stock market and the euro gaining against the dollar in response to upbeat German economic data and rising Chinese crude imports. Investors poured money into the energy complex despite the weekly supply statistics from the Energy Information Administration (EIA) showing crude inventories at record highs for the second consecutive week.
RBOB: Jun: $2.8538/gal, up 2.04 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled higher, tracking the gains in crude futures. EIA report showed an increase of 30,000 bbl/day to 8.445m bbl/day in gasoline consumption.
NATURAL GAS: Jun: $3.978/MMBtu, up 5.8 cents
The June contract on the NYMEX natural gas futures market rallied through Wednesday trading, reversing some of the losses incurred across Tuesday trading to close just short of the $4.00/MMBtu mark. Traders looked to take advantage of the recent price fall ahead of Thursday’s weekly gas storage report from the EIA.
ETHANE: higher at 28.5 cents/gal
Ethane spot prices were higher, following stronger natural gas futures.
AROMATICS: toluene tighter at $4.05-4.10/gal, mixed xylenes wider at $4.05-4.17/gal
Prompt n-grade toluene price discussions during the day moved to a tighter range as offers came down. The May toluene range narrowed from $4.05-4.20/gal FOB (free on board) the previous session. Meanwhile, May mixed xylenes (MX) price discussions were within a wider range from $4.05-4.10/gal FOB the previous day, as offers firmed.
OLEFINS: ethylene done higher at 58.00-58.25 cents/lb; PGP wider at 59.00-60.75 cents/lb
May ethylene traded twice on Wednesday at 58.00 and 58.25 cents/lb, higher than the previous deal at 54.00 cents/lb. May polymer-grade propylene (PGP) bid/offer levels moved wider to 59.00-60.75 cents/lb, compared with a trade on Tuesday at 60.00 cents/lb.
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