23 May 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $94.25/bbl, down 3 cents; Jul Brent: $102.44/bbl, down 16 cents
NYMEX WTI crude futures finished little changed after being down over $2.00/bbl earlier in the session. Downbeat economic data out of China, concerns regarding the timing of the scaling back of the Federal Reserve’s economic stimulus, as well as high gasoline inventories ahead of the long Memorial Day weekend all drove prices down. However, a late round of bargain hunting wiped out the losses.
RBOB: Jun $2.8281/gal, up 0.87 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices were slightly higher despite a drop in crude futures. The US Department of Labor said claims for unemployment benefits fell by more than expected, helping to boost gasoline futures trading.
NATURAL GAS: Jun: $4.261/MMBtu, up 7.5 cents
The front month contract on the NYMEX natural gas futures market edged upwards through Thursday, trading as warmer weather outlooks continued to fire expectations of sharp near-term demand from the power sector, while the US Energy Information Administration’s latest weekly gas storage report showed an injection into underground stocks in line with the five-year average.
ETHANE: lower at 28.13 cents/gal
Ethane spot prices fell as demand was weaker due to cracker shutdowns.
AROMATICS: toluene flat at $3.93-4.00, mixed xylenes flat at $3.95-4.05/gal
There was no change in the toluene and mixed xylenes (MX) market during the day, sources said. Activity was thin with little price discussion. As a result, spot prices were flat from the previous session.
OLEFINS: June ethylene offered higher at 59 cents/lb, May PGP offered lower at 60.25 cents/lb
US June ethylene was offered higher at 59.500 cents/lb, compared with levels at 57.25 cents/lb the previous day, against no fresh bids. US May polymer-grade propylene (PGP) offer levels fell to 60.25 cents/lb from 62.00 cents/lb seen the previous day.
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