HOUSTON (ICIS)--Here is Friday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $96.60/bbl, down 90 cents; Jan Brent: $108.83/bbl, up 16 cents
NYMEX WTI crude futures experienced a volatile session on speculation that the US Federal Reserve will start tapering its economic stimulus programme as the economy shows signs of accelerated expansion. In the currency markets, the dollar strengthened against a basket of currencies, making dollar-denominated commodities more expensive. The market was also digesting the news that Iran had suspended technical nuclear negotiations in Vienna after US lawmakers on Thursday expanded existing sanctions against Iran.
RBOB: Jan $2.6293/gal, down 0.55 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures fell slightly ahead of the weekend in response to the drop in crude futures.
NATURAL GAS: Jan $4.351/MMBtu; down 5.8 cents
The January front month closed down for the first time in five sessions, retreating from the seven-month high achieved on Thursday on concerns over the sustainability over recent surges when natural gas production remains close to record levels.
ETHANE: lower at 28.75 cents/gal
Ethane spot prices were lower, tracking weaker natural gas futures.
AROMATICS: toluene wider at $3.60-3.80/gal
Prompt US toluene spot prices were discussed at $3.60-3.80/gal FOB (free on board) on Friday, sources said. The range was wider from $3.60-3.70/gal FOB the previous day, as offers firmed.
OLEFINS: ethylene wider at 53.5-56.5 cents/lb, RGP done higher at 62.5 cents/lb
US December ethylene bid/offer levels widened to 53.50-56.50 cents/lb on Friday compared with the previous reported trade at 56.25 cents/lb earlier in the week. US December refinery-grade propylene (RGP) traded higher at 62.5 cents/lb compared with 62.0 cents/lb earlier in the week.
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