EVENING SNAPSHOT - Americas Markets Summary

17 January 2014 23:00 Source:ICIS News

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

CRUDE: Feb WTI: $94.37/bbl, up 41 cents; Mar Brent: $106.48/bbl, up 73 cents
NYMEX WTI crude futures posted gains on pre-holiday weekend short covering driven by a strong rally in gasoline and heating oil futures. A strong dollar kept the rally in check. Brent outperformed its American counterpart, re-aligning in value on the first session for March as spot month.

RBOB: Feb $2.6204/gal, up 2.53 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher throughout the day and settled above the $2.60/gal range on short-covering ahead of the weekend. However, week over week, RBOB futures were 4.87 cents/gal lower. 

NATURAL GAS: Feb $4.326/MMBtu, down 5.6 cents    
NYMEX natural gas futures closed the day down, erasing almost all the gains made over the previous day as markets reflected further on the lower-than-expected withdrawal from US inventories over the week ended 10 January.

ETHANE: higher at 33.00 cents/gal
Ethane spot prices were higher on increased demand as a result of short-covering, sources said.

AROMATICS: toluene down at $3.53-3.65/gal
US toluene spot prices were discussed at $3.53-3.65/gal FOB (free on board) on Friday, sources said. The range was down from $3.60-3.70/gal FOB the previous session.

OLEFINS: ethylene wider at 55.375-57.25 cents/lb, PGP wider at 71-73 cents/lb
US January ethylene bid/offer levels moved wider to 55.375-57.250 cents/lb compared with the previous reported trade at 56.375 cents/lb done the previous day. January polymer-grade propylene (PGP) bid/offer levels moved to 71.00-73.00 cents/lb, wider than the previous day’s trade of 72.25 cents/lb.

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By Staff Reporter