HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $105.84/bbl, down 66 cents; Aug Brent: $113.21/bbl, down 79 cents
NYMEX WTI crude futures worked lower on profit-taking after factoring in the US Commerce Department’s decision to allow exports of ultra-light condensate, viewed as a possible relaxation of restrictions on crude oil exports. The sell-off was also a delayed reaction to Wednesday’s weekly supply statistics from the Energy Information Administration (EIA), showing a contrary to expected build in crude stocks. Brent ran out of upside momentum and posted losses as the turmoil in Iraq has not affected oil exports. Earlier in the week August WTI hit a year’s high of $107.50/bbl.
RBOB: Jul $3.0856/gal, down 0.71 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures had changed little at the end of Thursday’s trading session, but ultimately settled lower on weakened gasoline demand and a drop in crude futures.
NATURAL GAS: Jul $4.400MMBtu, down 15.3 cents
The front month contract on the NYMEX natural gas futures market broke a two day winning streak by crashing nearly 4% after the release of the EIA's latest weekly gas storage report, which showed larger than expected injection into US inventories over the week ended 20 June.
ETHANE: lower at 28.50 cents/gal
Ethane spot prices fell on lower natural gas futures. Demand continues to be stagnant as a result of delayed cracker restarts.
AROMATICS: mixed xylenes down at $4.18-4.20/gal
Prompt June mixed xylenes (MX) traded at $4.19/gal on Thursday, taking prices down to $4.18-4.20/gal. The range was down from $4.23-4.25/gal the previous session. July also traded during the day at $4.20/gal.
OLEFINS: ethylene wider at 54.25-56.75 cents/lb, PGP steady at 64.75-65.00 cents/lb
US June ethylene bid/offer levels moved wider on Thursday to 54.25-56.75 cents/lb compared with a trade the previous day at 55.50 cents/lb. US June polymer-grade propylene (PGP) bid/offer levels ended the day flat at 64.75-65.00 cents/lb compared with the previous day.
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