NOON SNAPSHOT - Americas Markets Summary

23 May 2014 18:00 Source:ICIS News

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

CRUDE: Jul WTI: $104.35/bbl, up 61 cents; Jul Brent: $110.49/bbl, up 13 cents
NYMEX WTI crude futures rose on pre-weekend buying in response to some upbeat housing and manufacturing data. A stronger dollar helped cap the rally. WTI topped out at $104.46/bbl before retreating.

RBOB: Jun $3.0168/gal, up 1.10 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures pushed higher during morning trading on pre-weekend buying ahead of the long holiday weekend.

NATURAL GAS: Jun $4.391/MMBtu, up 3.2 cents
The front month contract on the NYMEX natural gas futures market climbed through Friday morning, reversing the declines seen over the previous two days on the bullish demand outlook caused by weather forecasts predicting above average temperatures across most of the US through to early June. 

ETHANE: steady at 28.50 cents/gal
Ethane spot prices held steady as natural gas futures made slight gains in early trading on Friday.

AROMATICS: benzene tighter at $4.39-4.41/gal
Prompt benzene spot prices were discussed at $4.39-4.41/gal FOB (free on board) and DDP (duty, delivered paid) on Friday morning, sources said. The morning range was tighter compared with $4.35-4.40/gal FOB the previous afternoon.

OLEFINS: ethylene tighter at 54.00-54.75 cents/lb, RGP offered at 58 cents/lb
US May ethylene bid/offer levels tightened to 54.00-54.75 cents/lb from 53.50-56.25 cents/lb the previous day. US May refinery-grade propylene (RGP) was heard offered at 58.00 cents/lb against no fresh bids, compared with the previous reported trade at 57.75 cents/lb.

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By Staff Reporter