EVENING SNAPSHOT - Americas Markets Summary

29 July 2014 23:00 Source:ICIS News

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

CRUDE: Sep WTI: $100.97/bbl, down 70 cents/bbl; Sep Brent: $107.72/bbl, up 15 cents/bbl
NYMEX WTI crude futures lost ground for the second consecutive session in response to a refinery outage due to a fire in the US Midwest, which should back out crude due to reduced consumption. Reports that the Commerce Department had put on hold requests from various companies for permission to export ultra-light oil (condensate) from shale were being factored in by the market. A stronger dollar also pressured prices, overshadowing a jump in consumer confidence.

RBOB: Aug $2.8709/gal, up 2.17 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were stronger after a refinery fire in Kansas raised supply fears in the region. However, analysts expect overall gasoline inventories to be much stronger.

NATURAL GAS: Aug $3.808/MMBtu, up 6.1 cents/MMBtu  
Natural gas futures on the NYMEX recovered from a slight downturn in trading earlier in the day, driven by cooler temperatures that are expected to bring down demand for air conditioning. However, the impending expiry of the August front month brought on late-session support.

ETHANE: higher at 23.25 cents/gal
Ethane spot prices followed natural gas futures slightly higher in thin trade on Tuesday.

AROMATICS: toluene flat at $4.00-4.20, mixed xylenes flat at $3.80-4.00/gal
Activity was thin for US toluene and mixed xylenes (MX) spot prices during the day, sources said. As a result, prices were stable from the previous session.

OLEFINS: ethylene lower at 65 cents/lb; PGP higher at 70 cents/lb
US July ethylene traded on Tuesday at 65.0 cents/lb, lower than the previous reported trade at 66.5 cents/lb on 25 July. US July polymer-grade propylene (PGP) traded on Tuesday at 70.00 cents/lb, up compared to a trade at 69.25 cents/lb a week ago.

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By Staff Reporter