EVENING SNAPSHOT - Americas Markets Summary

23 April 2014 23:00  [Source: ICIS news]

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

CRUDE: Jun WTI: $101.44/bbl, down 31 cents; Jun Brent: $109.11/bbl, down 16 cents
NYMEX WTI crude futures posted light losses after factoring in the weekly supply statistics from the US Energy Information Administration (EIA) showing a build in crude oil supplies reaching the highest level since records have been kept. A sell-off on Tuesday was seen as overdone and the market attempted to stage a short-lived bargain hunting correction, but a move into positive territory attracted selling. Geopolitical issues took a back seat to the high inventories.

RBOB: May $3.0935/gal, down 0.17 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled slightly lower following the EIA report, which showed a less-than-expected decline in gasoline inventories and a drop in consumption rates.

NATURAL GAS: May $4.730/MMBtu, down 0.9 cent
The front month contract on the NYMEX natural gas futures market closed on Wednesday trading down, falling in the afternoon session despite cooler near-term weather forecasts and strong demand from the power sector. Varying analyst predictions for Thursday's weekly gas storage report from the EIA may have caused the late session fall.

ETHANE: higher at 30.00 cents/gal
Ethane spot prices moved slightly higher on increased buying activity late in the day, sources said.

AROMATICS: MX at $3.55-3.57/gal
May US mixed xylenes (MX) spot prices were discussed at $3.55-3.57/gal FOB (free on board) on Wednesday morning, following a deal at $3.56/gal DDP (delivered, duty paid) the previous day. Activity has been mostly quiet for MX, because of weak demand.

OLEFINS: ethylene done higher at 56.25 cents/lb, PGP wider at 68-69 cents/lb
US April ethylene traded higher several times on Wednesday, ending the day at 56.25 cents/lb, up from trades done at 54.00 cents/lb on 21 April. US April polymer-grade propylene (PGP) bid/offer levels moved to 68.0-69.0 cents/lb, wider than a trade done the previous day at 68.5 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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