EVENING SNAPSHOT - Americas Markets Summary

02 May 2014 23:00 Source:ICIS News

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

CRUDE: Jun WTI: $99.76/bbl, up 34 cents; Jun Brent: $108.59/bbl, up 83 cents
NYMEX WTI crude futures finished up on pre-weekend buying in response to concerns regarding the escalation of violence in Ukraine and to a series of upbeat economic data released during the week, including a strong jobs report on Friday signalling an expansion in economic activity. Brent outperformed its American counterpart ahead of Monday’s May Bank Holiday in the UK.

RBOB: Jun $2.9445/gal, up 0.57 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled slightly higher ahead of the weekend as crude futures increased and on an encouraging jobs report, which showed a drop in the US unemployment rate.

NATURAL GAS: Jun $4.674/MMBtu, down 4.5 cents
The front month contract on the NYMEX natural gas futures market closed the trading week down for the third straight session, on lingering bearish sentiment related to rising production levels and slowing demand as temperatures continue to warm up across high consumption regions. 

ETHANE: lower at 28.88 cents/gal
Ethane spot prices continued to fall as demand remains weak. The ethane market was also pressured by weak natural gas futures.

AROMATICS: toluene down at $3.45-3.55/gal, mixed xylenes wider at $3.50-3.55/gal
Prompt toluene spot prices were discussed at $3.45-3.55/gal FOB (free on board) during the day, alongside thin demand, ample supply and weaker energy futures. The toluene range was down from $3.55-3.60/gal FOB the previous session. US mixed xylenes (MX) spot prices, meanwhile, were discussed at $3.50-3.55/gal FOB. The MX range was wider compared with $3.53-3.55/gal FOB the previous session, as bids came down.

OLEFINS: ethylene higher at 56.0-58.5 cents/lb, PGP wider at 66.0-68.5 cents/lb
US May ethylene bid levels climbed to 56.0 cents/lb, compared with 55.0 cents/lb the previous day, while offers were heard at 58.5 cents/lb. US May polymer-grade propylene (PGP) bid/offer levels were heard at 66.000-68.500 cents/lb, wider than a trade the previous day at 67.625 cents/lb.

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By Staff Reporter