EVENING SNAPSHOT - Americas Markets Summary

14 March 2014 21:50 Source:ICIS News

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

CRUDE: Apr WTI: $98.89/bbl, up 69 cents; Apr Brent: $108.57/bbl, up $1.18
NYMEX WTI crude futures extended the previous session’s gains on pre-weekend buying after posting substantial losses earlier in the week. There was no clear market driver, except that WTI continued to factor in the test sale by the US Strategic Petroleum Reserve of 5m bbl of sour crude. The April Brent contract, which went off the board at the end of the session, received underlying support from the Ukraine crisis.

RBOB: Apr $2.9597/gal, up 2.68 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rebounded at the end of trading on Friday as it tracked the gains in WTI crude futures.

NATURAL GAS: Apr $4.425/MMBtu, up 4.2 cents/MMBtu
Natural gas futures on the NYMEX stopped the downward trajectory in the consecutive losses this week with a slight uptick in the April front month, but the contract has still shed $0.19/MMBtu in a one-week period. The expectations for supply to soon rebuild have largely outweighed concerns on low storage levels. Colder temperatures and gas-switching from generators to cover nuclear maintenance periods are expected to provide near-term support.

ETHANE: wider at 29.25-30.00 cents/gal
Ethane spot prices widened on higher natural gas futures and an uptick in demand provided upward support. However, prices were pressured by thin trading activity.

AROMATICS: toluene tighter at $3.68-3.77/gal, mixed xylenes wider at $3.60-3.67/gal
Prompt toluene spot prices were discussed at $3.68-3.77/gal FOB on Friday, sources said. The range was tighter compared with $3.65-3.78/gal FOB the previous session, as bid/offers narrowed. Prompt mixed xylenes (MX) spot prices were discussed at $3.60-3.67/gal FOB during the day, a wider band compared with a deal done at $3.65/gal on Wednesday.

OLEFINS: ethylene trades wider at 51.00-51.75 cents/lb, RGP bids/offers wider at 59-64 cents/lb
US March ethylene traded four times at 51.00 cents/lb and once at 51.750 cents/lb on Friday, wider than a deal done at 51.625 cents/lb on Wednesday. US March refinery-grade propylene (RGP) bid/offer levels were heard on Friday at 59.00-64.00 cents/lb, wider than the last reported deal at 63.25 cents/lb done on Monday.

For more pricing intelligence please visit www.icispricing.com

By Staff Reporter