NOON SNAPSHOT - Americas Markets Summary

26 March 2014 17:00 Source:ICIS News

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

CRUDE: May WTI: $99.75/bbl, up 56 cents; May Brent: $106.77/bbl, down 22 cents
NYMEX WTI crude futures worked higher in thin volume as another drawdown in crude inventories at the Cushing, Oklahoma delivery hub overshadowed an overall build in crude stocks and a substantial build in the Gulf Coast refining region. The US stock market staged a slight rally in response to released data showing a rise in orders for durable goods.

RBOB: Apr $2.8930/gal, up 1.02 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher during morning hours after the US Energy Information Administration (EIA) report showed a larger-than-expected decline in gasoline inventories and an increase in consumption rates.

NATURAL GAS: Apr $4.369/MMBtu, down 4.2 cents
The front-month contract slipped from Tuesday’s 2% rise, falling back below the $4.40/MMBtu mark despite slightly cooler near-term weather forecasts and expectations for another bullish gas storage report from the EIA on Thursday.

ETHANE: lower at 28.50 cents/gal
Ethane spot prices were slightly lower in early trading on weaker natural gas futures.

AROMATICS: benzene wider at $4.80-5.05/gal
Prompt benzene spot prices moved to within a wider bid/offer range during the day, according to market participants. There were no fresh trades heard, and the morning range was further apart from $4.86-4.88/gal FOB (free on board) the previous session.

OLEFINS: ethylene done lower at 51.25 cents/lb, RGP wider at 61-62 cents/lb
US March ethylene traded at 51.25 cents/lb early in the day, down from the previous trade at 51.75 cents/lb done on 24 March, as inventories remain high. US March refinery-grade propylene (RGP) bid/offer levels were heard at 61-62 cents/lb, wider than the previous day’s reported trade at 62 cents/lb.

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By Staff Reporter