NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Dec WTI: $95.00/bbl, up $1.63; Dec Brent: $105.83/bbl, up 50 cents
NYMEX WTI crude futures rose sharply in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much-greater-than-forecast drawdown in gasoline stocks, overshadowing a build in crude inventories in line with expectations. A rally in the stock market and the dollar falling against the euro also provided underlying support.

RBOB: Dec $2.5621/gal, up 4.60 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rebounded during morning trading after the EIA report showed a larger-than-expected decline in gasoline inventories and a build in consumption rates.

NATURAL GAS: Dec: $3.529/MMBtu, up 6.3 cents
The December front month on the NYMEX natural gas futures market rose for a second straight day as traders looked to take advantage of the recent price falls seen across the market before the onset of strong winter heating demand. Bullish sentiment has also strengthened on expectations that Thursday’s gas storage report from the EIA will show a below-average injection into US stocks over the week ended 1 November.

ETHANE: higher at 24.13 cents/gal
Ethane spot prices were higher, tracking a rally in natural gas futures.

AROMATICS: benzene wider at $3.98-4.06/gal
Prompt benzene spot prices early in the day were discussed within a slightly wider range as offers gained 1 cent/gal. The morning range was wider from $3.98-4.05/gal FOB (free on board) the previous session.

OLEFINS: ethylene steady at 51.5 cents/lb, RGP steady at 55-58 cents/lb
US November ethylene prices were steady at 51.5 cents/lb as no fresh bids or offers were heard and the market was focused on December material. US November refinery-grade propylene (RGP) prices were steady at 55-58 cents/lb as no fresh bids or offers were heard.

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By: Staff Reporter
+44 20 8652 3214

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