EVENING SNAPSHOT - Americas Markets Summary

27 August 2014 23:00 Source:ICIS News

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

CRUDE: Oct WTI: $93.88/bbl, up 2 cents; Oct Brent: $102.72/bbl, up 22 cents
NYMEX WTI crude futures posted light gains after moving between positive and negative territory for most of the session. Light support came from the weekly supply statistics from the Energy Information Administration showing a drawdown in crude and gasoline inventories. A crude build at the Cushing, Oklahoma, NYMEX delivery hub helped cap the rally. Sentiment that world oil supplies are adequate continued to overshadow geopolitical risks.

RBOB: Sep $2.7459/gal, down 1.72 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled lower despite the weekly storage report, which showed weaker inventories and stronger consumption rates. The decline came as focused turned to the upcoming October prompt-month contract on the NYMEX.

NATURAL GAS: Sep $3.957/MMBtu, up 4.6 cents/MMBtu 
The September contract rose for the second time in three sessions on the above-average temperature outlook for late August. 

ETHANE: lower at 23.25 cents/gal
Ethane spot prices moved lower as demand continues to be weak.

AROMATICS: mixed xylenes tighter at $3.55-3.65/gal
Prompt US mixed xylenes (MX) spot prices were at $3.55-3.62/gal on Wednesday. The range was tighter compared with $3.55-3.65/gal FOB the previous session, as offers came down against no fresh bids.

OLEFINS: ethylene done higher at 70 cents/lb, PGP offered lower at 70.75 cents/lb
US August ethylene traded at 70.0 cents/lb on Wednesday, its highest deal since April 2012 and up from a trade at 68.5 cents/b the previous day. US August polymer-grade propylene (PGP) was offered at 70.75 cents/lb, down from offers at 71.00 cents/lb the previous day, against no fresh bids.

For more pricing intelligence please visit www.icispricing.com

By Staff Reporter