EVENING SNAPSHOT - Americas Markets Summary

28 August 2013 23:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.

CRUDE: Oct WTI: $110.10/bbl, up $1.09; Oct Brent: $116.61/bbl, up $2.25
NYMEX WTI crude futures extended recent gains on concerns that military action against Syria could spread and disrupt oil shipments out of the region. The rally overshadowed the weekly supply statistics from the Energy Information Administration (EIA) showing a much-greater-than-forecast build in crude inventories. WTI hit $112.24/bbl overnight before retreating.

RBOB: Sep $3.0943/gal, up 6.02 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled higher on stronger crude futures and after the EIA report showed a drop of 600,000 bbl in gasoline inventories to 217.8m bbl.

NATURAL GAS: Sep: $3.567/MMBtu, up 3.3 cents
The September contract settled its final day as the front month on the NYMEX natural gas futures market up just under 1%, rising on strong near-term demand due to the ongoing heat wave affecting much of the central US. Traders were less bullish over longer term demand, leaving forward month contracts wavering around the previous day’s close.

ETHANE: steady at 25.00 cents/gal
Ethane spot prices were steady.

AROMATICS: Mixed xylenes tighter at $4.35-4.45/gal, toluene tighter at $4.00-4.10/gal
Prompt mixed xylenes (MX) bid/offer levels were tighter on Wednesday as bids firmed. Offer levels were flat, taking prices to a more narrow range compared with $4.25-4.45/gal FOB (free on board) the previous session. Meanwhile, prompt toluene bid/offer also narrowed during the day with bids moving up. Toluene spot prices were tighter from $3.95-4.10/gal the previous session.

OLEFINS: ethylene traded flat at 55 cents/lb, PGP tighter at 66.50-67.75 cents/lb
US August ethylene prices were steady as material traded at 55 cents/lb, flat with two trades the previous day. US August polymer-grade propylene (PGP) bid/offer levels narrowed to 66.50-67.75 cents/lb from 66.00-69.00 cents/lb the previous day.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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