NOON SNAPSHOT - Americas Markets Summary

08 April 2014 18:00  [Source: ICIS news]

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

CRUDE: May WTI: $101.47/bbl, up $1.03; May Brent: $106.46/bbl, up 64 cents
NYMEX WTI crude futures recouped Monday’s losses in response to renewed tensions in Ukraine and expectations that the weekly supply statistics will reveal another crude drawdown at the Cushing, Oklahoma NYMEX delivery hub. Expectations that gasoline and distillate inventories will also decline provided underlying support.

RBOB: May $2.9435/gal, up 1.75 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher during morning hours on an expected decline in Wednesday’s gasoline inventory report.

NATURAL GAS: May $4.466/MMBtu, down 1 cent
Henry Hub futures were trading just below flat by midday, as weather forecasts were largely unchanged from the previous day. Traders are expecting declines in heating demand, while a cushioned supply of record natural gas production hangs in balance to depress prices further.

ETHANE: higher at 28.88 cents/gal
Ethane spot prices were higher in thin trading Tuesday morning.

AROMATICS: benzene bid up at $4.78/gal
US April benzene spot prices were discussed within a higher range early in the day, as bids firmed, according to trade sources. The morning bid yielded no offers and was on the high end of the previous day’s $4.70-4.78/gal FOB (free on board) range.

OLEFINS: ethylene tighter at 51.5-52.5 cents/lb, PGP lower at 66-69 cents/lb
US April ethylene bid/offer levels tightened to 51.50-52.50 cents/lb from 51.25-52.75 cents/lb the previous day as supply remains long. US April polymer-grade propylene (PGP) bid/offer levels fell to 66.00-69.00 cents/lb from 67.00-69.75 cents/lb the previous day on weaker feedstock costs.

For more pricing intelligence please visit www.icispricing.com


By: Staff Reporter
+44 20 8652 3214



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