EVENING SNAPSHOT - Americas Markets Summary

06 March 2014 23:00 Source:ICIS News

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

CRUDE: Apr WTI: $101.56/bbl, up 11 cents; Apr Brent: $108.10/bbl, up 34 cents
NYMEX WTI crude futures finished up in volatile trading responding to the escalation of the crisis in Ukraine after the Crimean parliament voted to join the Russian Federation. Investors pouring money into the market ahead of a possible confrontation between Russia and Western powers were the main driver of the rally. In electronic trading afterwards, WTI hit $102.08/bbl before running out of steam.

RBOB: Apr $2.9455/gal, up 0.52 cent
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled only slightly higher, drawing some strength from the looming refinery maintenance and turnaround season. A gain in WTI futures also boosted RBOB trading.

NATURAL GAS: $4.662/MMBtu, up by 13.9 cents/MMBtu
Natural gas futures were stronger on a bullish supply report from the US Energy Information Administration (EIA) and expectations of cooler weather forecasts.

ETHANE: lower at 31.50 cents/gal
Ethane spot prices weakened, decoupling from stronger natural gas futures, on weakening demand and reports of a cracker outage in Texas.

AROMATICS: toluene wider at $3.65-3.75/gal, mixed xylenes wider at $3.60-3.70/gal
Prompt toluene spot prices were discussed at $3.65-3.75/gal FOB (free on board) on Thursday, sources said. The range was wider from $3.69-3.71/gal FOB. Meanwhile, mixed xylenes (MX) spot prices were discussed at $3.60-3.70/gal FOB. The MX range was wider from $3.62-3.64/gal FOB the previous day.

OLEFINS: ethylene steady at 51.25 cents/lb, PGP bid/offer tighter at 69.375-70.500 cents/lb
US March ethylene traded on Thursday at 51.25 cents/lb, flat with a trade done there the day before. US March polymer-grade propylene (PGP) bid/offer levels were tighter at 69.375-70.500, compared to 68.500-72.500 cents/lb heard a day ago.

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By Staff Reporter