22 April 2014 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday's midday ?xml:namespace>
CRUDE: May WTI: $102.15/bbl, down $2.22; Jun Brent: $108.78/bbl, down $1.17
NYMEX WTI crude futures fell sharply on length liquidation ahead of the May contract expiration at the end of the session. Expectations of another build in crude oil inventories to be revealed by the weekly American Petroleum Institute (API) and the Energy Information Administration (EIA) supply data contributed to the sell-off. A stock market rally put a floor on the losses.
RBOB: May $3.0784/gal, down 0.85 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower during morning hours on a disappointing home sales report. Expectations of lower gasoline inventories in Wednesday’s government report kept RBOB prices from falling further.
NATURAL GAS: May $4.729/MMBtu, up 3.2 cents
The front month contract on the NYMEX natural gas futures market began Tuesday trading in bullish fashion as traders focused on cooling near term weather predictions and strong power sector demand based on a high volume of nuclear power plant outages.
ETHANE: steady at 30.00 cents/gal
Ethane spot prices held steady in a quiet market.
AROMATICS: benzene down at $4.44-4.51/gal for May
April price discussions were thin early in the day, with most players moving instead to May benzene. May benzene discussions were down from April prices of $4.53-4.60/gal DDP (delivered, duty paid) the previous afternoon.
OLEFINS: ethylene wider at 53.00-55.25 cents/lb, PGP tighter at 68.25-70.50 cents/lb
US April ethylene bid/offer levels were heard at 53.00-55.25 cents/lb, wider than three trades done the previous day at 54.00 cents/lb, as the market remained steady. US April polymer-grade propylene (PGP) bid/offer levels tightened to 68.25-70.50 cents/lb from 67.00-71.00 cents/lb as activity picked up.
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