15 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: $94.30/bbl, up 9 cents; Jun Brent: $103.68/bbl, up $1.08
NYMEX WTI crude futures experienced a wild intra-day swing to post light gains after four consecutive down sessions. The euro fell against the dollar on reports that the eurozone economy was contracting and that the recession was deepening. The weekly supply statistics from the Energy Information Administration (EIA) showed a substantial build in refined products inventories, countering a small drawdown in crude stocks. WTI bottomed out at $92.13/bbl before a stock market rally drove crude prices up, wiping out the losses.
RBOB: June $2.8670/gal, up 2.94 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices rebounded from early lows despite the EIA report, which showed an unexpected build in gasoline inventories and a drop in consumption rates for the week ended 10 May.
NATURAL GAS: June: $4.070/MMBtu, up 4.6 cents
The June contract on the NYMEX natural gas futures market closed higher for a third consecutive session on expectations that cooling demand on the power sector will ramp up over the coming days as warmer-than-average temperatures stretch across much of the country.
ETHANE: lower at 27.38 cents/gal
Ethane spot prices were lower as demand was weaker due to an outage at a Chevron Phillips Chemical cracker.
AROMATICS: mixed xylenes down at $4.10-4.18/gal, toluene wider at $4.02-4.10/gal
Prompt mixed xylenes (MX) spot prices were discussed at $4.10-4.18/gal FOB during the day, sources said. The range was down from $4.15-4.22/gal FOB the previous session. Meanwhile, prompt n-grade toluene spot prices were down at $4.02-4.10/gal FOB, a slightly wider range from $4.04-4.10/gal FOB the previous day as bids came down.
OLEFINS: May ethylene done higher at 62.375 cents/lb, May RGP done higher at 52 cents/lb
US May ethylene traded at 62.375 cents/lb on Wednesday afternoon, higher than trades earlier in the day at 62.000 cents/lb. US May refinery-grade propylene (RGP) was heard done at 52 cents/lb, up from the previous trades at 50 and 51 cents/lb.
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