NOON SNAPSHOT - Americas Markets Summary

06 May 2014 18:00 Source:ICIS News

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

CRUDE: Jun WTI: $100.22/bbl, up 74 cents; Jun Brent: $107.53/bbl, down 19 cents
NYMEX WTI crude futures advanced mainly in response to the euro rising against the dollar. The rally ignored weakness in the stock market and the forecast for the weekly crude oil inventories to show another build in supplies but a drawdown at the Cushing, Oklahoma, NYMEX delivery hub. The US Energy Information Administration (EIA) trimmed its global oil demand forecast, helping cap the gains.

RBOB: Jun $2.9089/gal, down 0.03 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were only slightly lower after Monday’s downward settlement. Market players said RBOB no longer has the support to push it back up above the $3/gal mark as inventories and production rates rise.

NATURAL GAS: Jun $4.781/MMBtu, up 9.3 cents
The front month contract on the NYMEX natural gas futures market began trading in bullish fashion, trading up over 2% from the opening price at midday due to positive demand indicators for mid-May and ongoing nuclear power outages. 

ETHANE: lower at 28.5 cents/gal
Ethane spot prices moved lower in early trading on Tuesday. The market continues to be oversupplied, and demand remains tepid.

AROMATICS: benzene flat at $4.45-4.50/gal
Prompt benzene spot activity was thin early in the day, sources said. The morning range was stable compared with the previous afternoon’s range.

OLEFINS: ethylene offered flat at 58.5 cents/lb, PGP offered flat at 68.75 cents/lb
US May ethylene offer levels were flat at 58.5 cents/lb against no fresh bids. US May polymer-grade propylene (PGP) offer levels were flat at 68.75 cents/lb against no fresh bids.

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By Staff Reporter