NOON SNAPSHOT - Americas Markets Summary

04 February 2014 18:00 Source:ICIS News

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

CRUDE: Mar WTI: $97.37/bbl, up 94 cents; Mar Brent: $105.96/bbl, down 8 cents
NYMEX WTI crude futures traded higher getting support from an upside correction in the stock market. Winter storms across the US lifted heating oil (ULSD) and natural gas futures, also providing underling support. The market will be keeping an eye on the weekly supply statistics for a sign of a drawdown in crude oil inventories at the Cushing, Oklahoma delivery hub following the start of the southern leg of the Keystone XL pipeline.

RBOB: Mar $2.6138/gal, up 0.69 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures began to rebound slightly from Monday’s losses as they tracked strength in crude oil futures.

NATURAL GAS: Mar $5.266/MMBtu, up 36.1 cents
The March contract broke a three-day losing sequence on Tuesday morning, surging through the $5.00/MMBtu threshold as fresh forecasts for below average temperatures over high consumption regions through the next 10 days fired expectations for strong near term heating demand.

ETHANE: steady at 34.00 cents/gal
Ethane spot prices were steady in early trading, even as natural gas futures surged on forecasts for more cold weather.

AROMATICS: benzene flat at $5.00-5.20/gal
Activity was thin in the US benzene market early in the day, sources said. As a result, spot prices were flat from the previous session.

OLEFINS: Feb ethylene higher at 51.5-55.0 cents/lb, PGP offered lower at 72 cents/lb
US February ethylene bid/offer levels climbed to 51.50-55.00 cents/lb on Tuesday compared with 51.25-54.50 cents/lb the previous day. US February polymer-grade propylene (PGP) offer levels fell to 72.00 cents/lb from 72.25 cents/lb the previous day against no fresh bids.

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By Staff Reporter