EVENING SNAPSHOT - Americas Markets Summary

24 November 2008 23:00  [Source: ICIS news]

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

CRUDE: WTI $54.75/bbl, up 25 cents; BRENT $53.93/bbl, up $4.74
US crude futures rose in after-hours electronic Globex trading extending the gains posted during the normal floor session. A rally in the stock market, in part triggered by an optimistic view of US President-elect Barack Obama’s economic team, and a weaker dollar supported the energy complex. During the floor session, WTI (West Texas Intermediate) surged to $55.30/bbl and Brent to $54.50/bbl before retreating slightly.
*Brent reflects the value of the ICE settlement on the day.

NATURAL GAS: $6.820/MMBtu, up 31.7 cents
Natural gas futures prices were boosted by weekday industrial demand, cold weather and much stronger energy futures. The front-month delivery contract rolled over to January, which settled at $6.503/MMBtu on Friday.

RBOB: $1.1425/gal, up 7.82 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices rallied around the stronger barrel of crude oil

BENZENE: US spot benzene for December was in 5-cent contango to January with bids/offers notionally at 102-110 cents/gal FOB USG, compared with 98-108 cents/gal late on Friday. Traders said the notional gain was due to a confidence boost in the broader market following the government’s plan to rescue the US bank Citigroup.

ETHYLENE: US ethylene prices were steady at 18.50-19.00 cents/lb on Monday. US ethylene for December was offered at 19 cents/lb with no bids. December ethylene traded on Friday at 18.25 and 18.75 cents/lb.

PROPYLENE: No refinery-grade propylene (RGP) deals were heard on Monday. RGP for December traded on Friday at 14.50 cents/lb, steady with Thursday.

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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