EVENING SNAPSHOT - Americas Markets Summary

15 May 2014 23:00 Source:ICIS News

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

CRUDE: Jun WTI: $101.50/bbl, down 87 cents; Jun Brent: $110.44/bbl, up 25 cents
NYMEX WTI crude futures finished down, tracking a sell-off in the stock market and following three consecutive up sessions. Some weak indicators drove equities down while a stronger dollar helped pressure various commodities. Front month Brent posted gains on position covering as it expired at the end of the session. July Brent settled at $109.09/bbl, down 22 cents.

RBOB: Jun $2.9642/gal, down 0.51 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled lower after three consecutive higher sessions. An encouraging jobs report, which showed unemployment benefit claims fell to a seven year low, kept RBOB from falling further.

NATURAL GAS: Jun: $4.469/MMBtu, up 10.2 cents
The front month contract on the NYMEX natural gas futures market extended the previous day’s gains, rising on bullish sentiment following the release of the Energy Information Administration’s latest weekly gas storage report, which showed a smaller than expected injection into US inventories over the week ended 9 May.

ETHANE: steady at 28.00 cents/gal
Ethane spot prices were steady as weak demand kept a cap on gains, even as natural gas futures rallied.

AROMATICS: US mixed xylenes up at $3.59-3.61/gal
Prompt US mixed xylenes (MX) spot prices moved up to $3.59-3.61/gal FOB on Thursday, sources said. The range was slightly up from $3.58-3.60/gal FOB the previous session, following a deal heard at $3.60/gal

OLEFINS: ethylene done higher at 53.75 cents/lb, PGP done lower at 67 cents/lb
US May ethylene was done slightly higher at 53.75 cents/lb on Thursday, compared with several deals done at 53.50 cents/lb the previous day. US polymer-grade propylene (PGP) was done slightly lower at 67.000 cents/lb, compared with the trade the previous day at 67.125 cents/lb.

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By Staff Reporter