03 July 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $101.24/bbl, up $1.64; Aug Brent: $105.76/bbl, up $1.76
NYMEX WTI crude futures surged for the third consecutive session, driven by short covering on fears of a potential crude shortage later in the year at the NYMEX contract delivery point in Cushing, Oklahoma. Weekly supply statistics from the US Energy Information Administration (EIA) revealed a drawdown in crude stocks of 10.3m bbl. Political unrest in Egypt, which could affect crude supplies in the region, also provided underlying support. WTI topped out at $102.18/bbl before the rally was capped.
RBOB: Aug $2.8382/gal, up 5.49 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices settled higher after the EIA report showed a gain of 4.5% in gasoline consumption and a drop in both gasoline and crude inventories for the week ended 28 June.
NATURAL GAS: Aug: $3.690/MMBtu, up 3.6 cents
The August contract on the NYMEX natural gas futures market rose for a third straight day, closing up 1%. The contract surged higher in the afternoon, coming back from a drop of nearly 2% in the morning session, after the EIA’s latest weekly gas storage report showed an injection into US stocks on par with analyst expectations.
ETHANE: stable at 24.25 cents/gal
Ethane spot prices were stable ahead of the US Independence Day holiday as activity was thin.
AROMATICS: toluene tighter at $3.55-3.65/gal; mixed xylene tighter at $3.80-3.90/gal
US n-grade toluene spot prices for July were at $3.55-3.65/gal FOB (free on board) on Wednesday, sources said. The range was tighter from $3.50-3.65/gal FOB the previous session, as bids firmed. Meanwhile, prompt July mixed xylene (MX) spot prices were discussed at $3.80-3.90/gal FOB, sources said. The range was tighter compared with $3.80-3.95/gal FOB the previous session, as offers declined.
OLEFINS: ethylene bid lower at 56 cents/lb; PGP bid higher at 61.5 cents/lb
US July ethylene was bid lower at 56 cents/lb compared with 57 cents/lb the previous day. US July refinery-grade propylene (PGP) was bid higher at 61.5 cents/lb compared with 61.0 cents/lb the previous day, tracking stronger demand.
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