17 June 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $97.77/bbl, down 8 cents; Aug Brent: $105.47/bbl, down 46 cents
NYMEX WTI crude futures posted light losses after an early rally faded on sentiment that recent gains had been overdone. A stronger dollar also pressured the market ahead of the July contract going off the board later in the week.
RBOB: Jul $2.8561/gal down 4.06 cents/gal
Reformulated blendstock for oxygen blending (RBOB) was weaker after two straight days of gains. RBOB futures followed crude oil lower, as analysts expect gasoline stocks to gain 300,000 bbl.
NATURAL GAS: Jul $3.875/MMBtu, up 14.2 cents
The July contract on the NYMEX natural gas market settled at a seven-session high, rising 3.8% over the course of the day as forecasts indicating above average temperatures across much of the lower 48 states over the course of the next two weeks fired increased near-term demand expectations.
ETHANE: higher at 23.75 cents/gal
Ethane spot prices recovered from last week’s losses, following higher natural gas futures. However, sources said ethane has fallen below fuel value, meaning it is more valuable left in the natural gas stream than separated and sold as a petrochemical feedstock.
AROMATICS: toluene flat at $3.75-3.85/gal; mixed xylenes flat at $3.95-4.05/gal
There were no fresh trades in the US toluene or mixed xylenes (MX) market during the day, sources said. As a result, spot prices were stable from the previous session.
OLEFINS: ethylene lower at 55.5-60.0 cents/lb, PGP offered higher at 64.5-66.0 cents/lb
US June ethylene bids fell to 55.5 cents/lb while offers were steady at 60.0 cents/lb, compared with deals done to close the previous week at 59.0-60.0 cents/lb. US polymer-grade propylene (PGP) was offered higher at 64.50-66.00 cents/lb compared with 63.75-65.00 cents/lb at the close of the previous week.
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