HOUSTON (ICIS)--Here is Monday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $104.41/bbl, up $1.75; Jul Brent: $109.99/bbl, up $1.38
NYMEX WTI crude futures rallied as investors poured money into the energy complex on upbeat export data from China while still factoring in the previous week’s report showing strong job creation in the US, all of which should translate in rising global oil demand. The OPEC meeting in Vienna, Austria, this week is expected to leave oil export quotas at 30m bbl/day despite the loss of Libyan oil production and other geopolitical hot spots.
RBOB: Jul $2.9848/gal, 4.58 cents/gal higher
US reformulated blendstock for oxygen blending (RBOB) futures settled 4.58 cents higher at $2.9848/gal, following crude oil futures on Monday, as strong economic data from China and unrest in Libya bolstered the energy complex.
NATURAL GAS: Jul: $4.645/MMBtu, down 6.5 cents
The July contract closed 9 June down for the first time in six sessions, as expectations for cooler temperatures across central regions this week and the milder temperature outlook for the second half of June on the east coast muted the recent bullish sentiment.
ETHANE: lower at 29.00 cents/gal
Ethane spot prices moved lower on weak demand. Stronger natural gas futures helped stem the losses.
AROMATICS: toluene flat at $3.60-3.70/gal, mixed xylenes flat at $3.60-3.70/gal
Prompt toluene and mixed xylenes (MX) activity was thin during the day, with no fresh trades heard. As a result, spot prices held steady from the previous session.
OLEFINS: ethylene bid at 53 cents/lb, PGP done at 64.5 cents/lb
US June ethylene was bid at 53 cents/lb against no fresh offers, compared with the close of the previous week, when offer levels were at 58 cents/lb against no fresh bids. US June polymer-grade propylene (PGP) was done twice at 64.5 cents/lb, flat with bid levels seen at the close of the previous week.
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