NOON SNAPSHOT - Americas Markets Summary

06 September 2013 18:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: Oct WTI: $109.97/bbl, up $1.60; Oct Brent: $115.84/bbl, up 58 cents
NYMEX WTI crude futures rose sharply on pre-weekend buying spooked by reports of tightening embassy security in various Middle East countries. The market still was weighing the possibility of an attack against Syria, which could destabilise crude supplies. A weak dollar in response to a weaker-than-expected jobs growth report also provided underlying support. WTI topped out at $110.35/bbl before retreating.

RBOB: Oct $2.8669/gal, up 3.09 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher during morning hours, but the market is still dampened by the end-of-the-summer driving season and could soon move to new lows.

NATURAL GAS: Oct $3.542/MMBtu, down 3.3 cents
The October front month contract on the NYMEX natural gas futures market extended yesterday’s 3% price slump into a second day, sliding further on concerns over high inventories despite the bullish demand outlook stemming from an ongoing heat wave across much of the country.

ETHANE: lower at 24.75 cents/gal
Ethane spot prices were lower, tracking lower natural gas futures.

AROMATICS: styrene up at 77-78 cents/lb
September styrene spot prices were discussed at 77-78 cents/lb FOB (free on board) during the day, sources said. The range was up by 1 cent/lb from 76-77 cents/lb FOB a week earlier, following a jump in feedstock benzene prices.

OLEFINS: ethylene done higher at 54.0-54.5 cents/lb, PGP lower at 64-67 cents/lb
US September ethylene traded higher at 54.000 and 54.500 cents/lb on Friday compared with the previous reported trade at 53.375 cents/lb. US polymer-grade propylene (PGP) bid/offer levels fell to 64-67 cents/lb from 65-69 cents/lb the previous day.

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By: Staff Reporter
+44 20 8652 3214

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