EVENING SNAPSHOT - Americas Markets Summary

23 July 2014 23:00 Source:ICIS News

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

CRUDE: Sep WTI: $103.12/bbl, up 73 cents; Sep Brent: $108.03/bbl, up 70 cents
NYMEX WTI crude futures traded higher on the first day for September as spot month in response to the weekly supply statistics from the US Energy Information Administration (EIA) showing a much greater than expected drawdown in crude stocks. A build in gasoline and distillate inventories helped cap the rally.

RBOB: Aug $2.8601/gal, down 2.06 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled lower after the EIA report showed a gain of more than 3m bbl in gasoline inventories and a decline in consumption rates.         

NATURAL GAS: Aug $3.762/MMBtu, down 1.0 cent
The front month contract fell for the third straight session, losing ground once again on the mild near term weather outlook and fears over soaring domestic production.

ETHANE: lower at 22.25 cents/gal
Ethane spot prices fell to a year-and-a-half low, as ongoing cracker outages and weak natural gas futures continue to weigh on the market.

AROMATICS: styrene down at 71 cents/lb
US styrene spot prices were said to be at 71 cents/lb FOB (free on board) during the day, sources said. The styrene price was down from 74-75 cents/lb FOB from last week, on the back of weak demand.

OLEFINS: ethylene wider at 64.75-67.00 cents/lb, PGP wider at 67.0-69.5 cents/lb
US July ethylene widened on Wednesday to 64.75-67.00 cents/lb from two trades at 65.00 cents/lb as supply remained tight. US July polymer-grade propylene (PGP) widened to 67.00-69.50 cents/lb compared with a trade the previous day at 69.25 cents/lb.

For more pricing intelligence please visit www.icispricing.com

By Staff Reporter