NOON SNAPSHOT - Americas Markets Summary

29 July 2014 18:00 Source:ICIS News

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

CRUDE: Sep WTI: $100.67/bbl, down $1.00; Sep Brent: $107.37/bbl, down 20 cents
NYMEX WTI crude futures extended recent losses on sentiment that crude oil supplies are adequate and various geopolitical crisis have not impacted oil exports. A stronger dollar and expectations of rising gasoline supplies also pressured crude prices, overshadowing released data showing a jump in consumer confidence.

RBOB: Aug $2.8522/gal up by 0.30 cent/gal
Reformulated blend stock for oxygen blending (RBOB) gasoline futures were stable in early trading as the market anticipated supply statistics.

NATURAL GAS: Aug $3.741/MMBtu, down 0.6 cent/MMBtu  
Natural gas futures on the NYMEX were edging down slightly by mid-day, given that cooler temperatures are expected for a wide swath of the US. The moderate weather is anticipated to take some edge off demand for the next week as below-normal temperatures are forecast.

ETHANE: higher at 23.25 cents/gal
Ethane spot prices strengthened on bids in the market.

AROMATICS: benzene at $5.00-5.12/gal
August benzene prices were discussed within a wider range at $5.00-5.12/gal DDP (delivered, duty paid) early in the day, sources said. The morning range was further apart from $5.05-5.07/gal DDP the previous session.

OLEFINS: ethylene offered lower at 66 cents/lb; PGP offer steady at 71.5 cents/lb
US July ethylene was offered on Tuesday at 66.0 cents/lb, lower than the 67.5 cents/lb from the previous day, against no fresh bids. US July polymer-grade propylene (PGP) offer levels were steady at 71.5 cents/lb.

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By Staff Reporter