NOON SNAPSHOT - Americas Markets Summary

23 April 2014 18:00 Source:ICIS News

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

CRUDE: Jun WTI: $102.02/bbl, up 27 cents; Jun Brent: $108.90/bbl, down 37 cents
NYMEX WTI crude futures moved into positive territory after factoring in the weekly supply statistics from the US Energy Information Administration (EIA) showing crude oil supplies at their highest level since records have been kept. A sell-off on Tuesday was seen as overdone, and the market staged a bargain-hunting correction. WTI bottomed out at $101.20/bbl before rebounding.

RBOB: May $3.0692/gal, down 2.60 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower following the EIA report, which showed a less-than-expected decline in gasoline inventories and a drop in consumption rates.

NATURAL GAS: May $4.762/MMBtu, up 2.3 cents
The front month contract extended the previous day’s gains, as forecasts for cooler conditions over early May and nuclear power plant outages continued to support bullish sentiment.

ETHANE: higher at 30.13 cents/gal
Ethane spot prices were higher on stronger natural gas futures.

AROMATICS: benzene flat at $4.35-4.45/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 afternoon.

OLEFINS: ethylene offered higher at 56.25 cents/lb, RGP done flat at 60.25 cents/lb
US April ethylene offer levels rose to 56.25 cents/lb from 55.75 cents/lb, while bids were flat at 54.00 cents/lb, as the market trended higher on an expected increase in demand. US April refinery-grade propylene (RGP) traded at 60.25 cents/lb, flat with the previous reported trade done the previous week.

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By Staff Reporter