NOON SNAPSHOT - Americas Markets Summary

03 March 2014 18:00 Source:ICIS News

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

CRUDE: Apr WTI: $104.64/bbl, up $2.05 Apr Brent: $111.32/bbl, up $2.25
NYMEX WTI crude futures surged along with various commodities such as gold and grains as investors engaged in a flight-to-safety in response to the escalating tensions in Ukraine. WTI topped out at $105.22/bbl before retreating.

RBOB: Apr $3.0186/gal, higher by 4.12 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures moved higher on stronger crude oil futures. The threat of war between Russia and Ukraine sent oil markets much higher in early trading, despite weak economic reports from the US and China.

NATURAL GAS: Apr $4.564/MMBtu, down 4.5 cents/MMBtu
Natural gas futures on the NYMEX were trending downward on the expectations that the gas production for the spring season should begin resuming. However, weather forecasts are unchanged, with anticipations of below-normal temperatures across much of the northeast still in the forecast. 

ETHANE: narrower at 32.63 cents/gal
Ethane spot prices moved to a tighter range in early trading, as buying activity remained thin.

AROMATICS: benzene down at $4.80-4.90/gal
Prompt benzene spot prices were discussed within a lower range early in the day. There were no fresh trades heard, but the morning range was down from $4.90-4.95/gal FOB (free on board) the previous session.

OLEFINS: March ethylene flat at 52.5 cents/lb, March PGP bid flat at 67 cents/lb
March ethylene was flat at 52.5 cents/lb on Monday, based on the most recent reported trade. March polymer-grade propylene (PGP) was bid flat at 67.00 cents/lb on Monday compared with the price at the close of the previous week, against offers at 69.75 cents/lb.

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By Staff Reporter