NOON SNAPSHOT - Americas Markets Summary

24 January 2014 18:00 Source:ICIS News

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

CRUDE: Mar WTI: $96.79/bbl, down 53 cents; Mar Brent: $107.27/bbl, down 31 cents
NYMEX WTI crude futures fell on pre-weekend selling after four consecutive positive settlements. A sell-off in global stock markets on concerns regarding emerging markets pressured crude prices. WTI bottomed out at $96.54/bbl before rebounding.

RBOB: Feb $2.6512/gal, down 1.06 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower during morning hours on weaker crude futures and as demand for gasoline fell during the powerful winter storms affecting much of the US.

NATURAL GAS: Feb $4.995/MMBtu, up 26.5 cents
Frigid temperatures and freeze-offs that have crimped natural gas production have carried on the surge in Henry Hub prices, with the front month flirting with the $5.00/MMBtu mark. Ongoing forecasts for widespread cold conditions in the US are maintaining support on the front month.

ETHANE: steady at 40 cents/gal
Ethane spot prices were steady in early trading on thin activity.

AROMATICS: benzene flat at $5.00-5.50/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 session.

OLEFINS: ethylene tighter at 56.75-58.25 cents/lb, PGP steady at 70-73 cents/lb
US January ethylene bid/offer levels tightened to 56.75-58.25 cents/lb from 55.50-58.50 cents/lb, but market activity remained thin because of rising natural gas liquid (NGL) prices. US January polymer-grade propylene (PGP) bid/offer levels were flat at 70-73 cents/lb.

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By Staff Reporter