09 July 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $103.53/bbl, up 39 cents; Aug Brent: $107.81/bbl, up 38 cents
NYMEX WTI crude futures rose, tracking a rally in the stock market and despite a stronger dollar. Strong gains in the refined products also provided underlying support. Following the NYMEX close, WTI spiked to $104.75/bbl after the weekly supply statistics from the American Petroleum Institute (API) showed a drawdown in crude stocks of 9m bbl. Gasoline inventories fell nearly 3.5m bbl, contrary to expectations of a build.
RBOB: Aug $2.9260/gal, up 4.23 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices rebounded from Monday’s drop as crude futures increased. Wednesday’s US Energy Information Administration (EIA) report is expected to show a build in gasoline inventories, which could weaken RBOB futures.
NATURAL GAS: Aug: $3.657/MMBtu; down 8.4 cents
The August contract on the NYMEX natural gas futures market closed Tuesday’s session down over 2%, losing most of the gains posted on Monday due to cooler near-term weather forecasts for the Midwest. The latest predictions suggest that Tropical Storm Chantal will also hit Florida instead of entering the Gulf of Mexico, thus safeguarding offshore oil and gas production.
ETHANE: lower at 24.25 cents/gal
Ethane spot prices were lower, tracking lower natural gas futures.
AROMATICS: styrene up at 74-75 cents/lb
Prompt styrene spot prices were discussed within a slightly higher range during the day, sources said. The range was up from 73-74 cents/lb FOB (free on board) a week earlier.
OLEFINS: ethylene done lower at 56.75 cents/lb, RGP done lower at 56.625
US July ethylene traded lower at 56.75 cents/lb on Tuesday, lower than deals done at 57.00-58.00 cents/lb the previous week. US refinery-grade propylene (RGP) traded lower at 56.625 cents/lb compared with the previous reported deal at 57.500 cents/lb.
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