NOON SNAPSHOT - Americas Markets Summary

29 January 2014 18:00 Source:ICIS News

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

CRUDE: Mar WTI: $97.09/bbl, down 32 cents; Mar Brent: $107.86/bbl, up 45 cents
NYMEX WTI crude futures gave back a good portion of Tuesday’s gains in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much-greater-than-expected build in crude stocks as well as a rise in inventories at the Cushing, Oklahoma delivery hub. A cold-weather driven drawdown in distillates and heating oil stocks kept the losses in check. WTI bottomed out at $96.32/bbl before rebounding.

RBOB: Feb $2.6531/gal, up 2.53 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher after the EIA report showed an unexpected drop in gasoline inventories and a gain in consumption rates.

NATURAL GAS: Feb $5.139/MMBtu, up 10.6 cents
The front month on the NYMEX extended Tuesday’s surge into a second day, as market participants continued to see the robust near-term demand picture implied by forecasts for below-average temperatures through early February as justification for upwards pricing movement. 

ETHANE: lower at 37.5 cents/gal
Ethane spot prices were lower amid reduced buying activity.

AROMATICS: benzene flat at $5.07-5.20/gal
Prompt benzene spot price discussions were thin early in the day, sources said. As a result, prices were flat from the previous session.

OLEFINS: ethylene offered lower at 57.5 cents/lb, PGP done lower at 71.5 cents/lb
US January ethylene offer levels fell to 57.5 cents/lb from 60.0 cents/lb against no fresh bids as buying interest remained weak. US January polymer-grade propylene (PGP) traded lower at 71.500 cents/lb, down from the previous reported trade at 72.125 cents/lb on 23 January.

For more pricing intelligence please visit www.icispricing.com

By Staff Reporter