EVENING SNAPSHOT - Americas Markets Summary

26 March 2014 22:00  [Source: ICIS news]

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

CRUDE: May WTI: $100.26/bbl, up $1.07; May Brent: $107.03/bbl, up 4 cents
NYMEX WTI crude futures rose in choppy action in response to the weekly supply statistics from the US Energy Information Administration (EIA) showing a crude drawdown at the Cushing, Oklahoma delivery hub, overshadowing an overall build in crude oil inventories as well as a substantial build in the Gulf Coast refining region. The upside momentum on crude also discounted a rally in the stock market and the dollar rising against the euro.

RBOB: Apr $2.9089/gal, up 2.61 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled higher after the EIA report showed a larger-than-expected decline in gasoline inventories and an increase in consumption rates.

NATURAL GAS: Apr $4.402/MMBtu, down 0.9 cents
The April contract closed its penultimate day as the front month down slightly, following an afternoon rally inspired by bullish sentiment surrounding tomorrow's gas storage report from the EIA and cooler near-term weather forecasts.

ETHANE: higher at 29.00 cents/gal
Ethane spot prices moved higher in late trading on an uptick in buying activity.

AROMATICS: toluene up at $3.60-3.75/gal, mixed xylene wider at $3.50-3.80/gal
Prompt toluene spot prices were discussed at $3.60-3.75/gal FOB (free on board) during the day, a source said. The range was up compared with $3.55-3.68/gal FOB the previous session. Meanwhile, prompt mixed xylene (MX) spot prices were discussed at $3.50-3.80/gal FOB, a wider range from $3.50-3.60/gal FOB the previous day. 

OLEFINS: ethylene done lower at 51.25 cents/lb, PGP offered lower at 69.25 cents/lb
US March ethylene traded at 51.25 cents/lb early in the day, down from the previous trade at 51.75 cents/lb done on 24 March, as inventories remain high. US March polymer-grade propylene (PGP) offer levels fell slightly to 69.25 cents/lb from 69.50 cents/lb seen earlier in the week against no fresh bids.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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