EVENING SNAPSHOT - Americas Markets Summary

29 January 2014 23:00 Source:ICIS News

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

CRUDE: Mar WTI: $97.36/bbl, down $0.05/bbl; Mar Brent: $107.85/bbl, up $0.44/bbl
NYMEX WTI crude futures ended a volatile session posting light losses in response to the US Federal Reserve’s decision to further cut its economic stimulus based on signs of an improving economy. WTI fell sharply earlier in the session after the release of mixed inventory data from the Energy Information Administration (EIA) showing a build in crude stocks but a substantial drawdown in distillate inventories as a result of winter weather. From an intra-day low of $96.32/bbl, the American benchmark spiked to $97.75/bbl before pulling back.

RBOB: Feb $2.6609/gal, up 3.31 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher throughout the day after the EIA report showed an unexpected drop in gasoline inventories and a gain in consumption rates.

NATURAL GAS: Feb $5.557/MMBtu, up 52.4 cents
The February contract on the NYMEX closed its term as the front month at a new multi-year high after a 10% price jump from Tuesday. Below-average temperatures predicted for much of the country over early February continue to encourage strong buying activity, while traders also expect another large withdrawal from US inventories to be reported by the EIA in Thursday’s weekly gas storage report.

ETHANE: higher at 39 cents/gal
Ethane spot prices were higher, tracking strong natural gas futures.

AROMATICS: toluene down at $3.57-3.67/gal, mixed xylene wider at $3.57-3.70/gal
Prompt toluene spot prices were discussed at $3.57-3.67/gal FOB (free on board) during the day, sources said. The range was down from $3.60-3.70/gal FOB the previous session. Meanwhile, mixed xylene (MX) spot prices were discussed at $3.57-3.70/gal FOB during the day, a wider range compared with $3.58-3.60/gal FOB the previous day.

OLEFINS: ethylene offered lower at 57.5 cents/lb, PGP done lower at 71.5 cents/lb
US January ethylene offer levels fell to 57.5 cents/lb from 60.0 cents/lb against no fresh bids as buying interest remained weak. US January polymer-grade propylene (PGP) traded lower at 71.500 cents/lb, down from the previous reported trade at 72.125 cents/lb on 23 January.

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By Staff Reporter