NOON SNAPSHOT - Americas Markets Summary

13 February 2014 18:00 Source:ICIS News

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

CRUDE: Mar WTI: $100.40/bbl, up 3 cents; Mar Brent: $108.60/bbl, down 19 cents
NYMEX WTI crude futures were mixed; bouncing between positive and negative territory after dipping to $99.40/bbl on correction to recent gains in response to released data showing a rise in initial jobless claims. The overall bias remains to the upside, with the $100.75/bbl barrier providing strong resistance.

RBOB: Mar $2.7603/gal, down 0.28 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower midday after making gains the past two trading sessions. The fall came after a disappointing jobs report, which could weaken gasoline demand.

NATURAL GAS: Mar $5.082/MMBtu, up 26.0 cents
The front month on the NYMEX natural gas futures market broke through the $5.00/MMBtu barrier for the third time in three weeks over Thursday morning, boosted by the Energy Information Administration reporting another large inventory withdrawal for the week ending 7 February, and concerns over supply to high consumption regions of the northeast following an explosion at the Colombia Gulf pipeline in Kentucky.

ETHANE: higher at 38.50 cents/gal
Ethane spot prices strengthened on higher natural gas futures.

AROMATICS: benzene steady at $4.95-5.25/gal
Benzene spot prices were steady early on Thursday, as no new deals, bids or offers were heard.

OLEFINS: ethylene wider at 47.00-52.75 cents/lb, PGP bid lower at 68.25 cents/lb
US February ethylene bid/offer levels widened to 47.00-52.75 cents/lb compared with a trade the previous day at 52.5 cents/lb as buying interest is soft. US polymer-grade propylene (PGP) bid levels fell to 68.25 cents/lb from 69.00 cents/lb the previous day while offers were flat at 71.00 cents/lb.

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By Staff Reporter