EVENING SNAPSHOT - Americas Markets Summary

06 August 2008 23:21  [Source: ICIS news]

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

CRUDE: WTI $118.42/bbl (down 16 cents), BRENT $117.00/bbl (down 70 cents)
US crude futures slipped in after-hours electronic Globex trading after finishing down during the normal floor session. A much greater than forecast build in crude stocks revealed by the statistics from the Energy Information Administration (EIA) pressured the market. A pipeline explosion in Turkey carrying crude from the Caspian provided some support.
*Brent reflects the value of the ICE settlement on the day.

NATURAL GAS: $8.773/mBtu, up 4.7 cents
NYMEX natural gas futures bucked the downward trend set in crude and gasoline for the day.

RBOB: $2.9493/gal, down 0.71 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures were down with crude despite a government reported 4.4m bbl build in last week’s stockpiles. Some traders attributed the mixed reaction in gasoline to the minimal impact on production from Tropical Storm Edouard.

BENZENE: August benzene spot levels were said to be on either side of $4.25/gal in the afternoon.

ETHYLENE: August ethylene prices were at 50-51 cents/lb following trades in that range earlier this week.

PROPYLENE: Refinery grade propylene (RGP) prices were steady at 70.5-71.0 cents/lb.

For more pricing intelligence please visit www.icispricing.com.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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