22 April 2014 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $102.13/bbl, down $2.24; Jun Brent: $109.27/bbl, down 68 cents
NYMEX WTI crude futures fell sharply on aggressive length liquidation ahead of the contract going off the board at the end of the session. Crude prices had been rising on concerns that the ebbing and flowing of the Ukraine crisis could lead to a major confrontation between the US and Russia, resulting in supply disruptions. The market also responded to expectations that the weekly supply statistics from the American Petroleum Institute (API) and the US Energy Information Administration (EIA) will show another build in crude oil inventories.
RBOB: May $3.0952/gal, up 0.83 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled higher despite weaker crude futures and a disappointing home sales report. An expected drop in gasoline inventories in Wednesday’s government report boosted RBOB prices.
NATURAL GAS: May $4.739/MMBtu, up 4.2 cents
The front month contract settled up almost 1%, just under the eight-week high settlement achieved last Thursday thanks to predictions for cooler temperatures and strong power sector demand.
ETHANE: down at 29.875 cents/gal
Ethane spot prices were slightly lower after news of DuPont shutting its Texas cracker for maintenance, weakening demand for ethane.
AROMATICS: toluene flat at $3.53-3.55/gal, mixed xylene flat at $3.52-3.57/gal
Activity remained thin for US toluene and mixed xylene (MX) markets on Tuesday, sources said. The lack of fresh bid/offers kept prices flat from Monday.
OLEFINS: ethylene wider at 54.00-55.75 cents/lb, PGP done higher at 68.5 cents/lb
US April ethylene trended higher on Monday, with bid/offer levels heard at 54.00-55.75 cents/lb, wider than three trades the previous day at 54.00 cents/lb. US April polymer-grade propylene (PGP) traded higher at 68.500 cents/lb, up from the previous outright trade at 68.375 cents/lb done on 16 April.
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