EVENING SNAPSHOT - Americas Markets Summary

05 August 2014 23:00 Source:ICIS News

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

CRUDE: Sep WTI: $97.38/bbl, down 91 cents; Sep Brent: $104.61/bbl, down 80 cents
NYMEX WTI crude futures fell tracking a sell-off in the stock market and the dollar rising against a basket of currencies. Crude prices have been sliding on sentiment that global oil supplies are adequate despite geopolitical drama in various regions which, so far, have not affected exports. The selling across the energy complex was not stemmed by expectation that the weekly supply statistics from the American Petroleum Institute (API) and the US Energy Information Administration (EIA) will show a drawdown in crude inventories. The previous week’s data showed crude stocks falling more than expected.

RBOB: Sep $2.7155/gal, down 0.94 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled at a six-month low, tracking losses in crude futures.  

NATURAL GAS: Sep $3.897/MMBtu, up 6.3 cents/MMBtu  
The US Henry Hub benchmark for natural gas futures closed higher at the end of the trading session, boosted by the rising temperatures in the western half of the US, although prices were previously lagging because of cooler than normal temperatures in the east. The advent of the shoulder season, which sees increased stock levels and tapering demand, has placed volatility into natural gas futures price.

ETHANE: 22.75 cents/gal
Ethane spot prices followed natural gas futures higher on Tuesday.

AROMATICS: benzene wider at $4.72-4.85/gal
Prompt benzene spot prices were at $4.72-4.82/gal FOB (free on board) on Tuesday. The afternoon range was wider from $4.77-4.78/gal FOB the previous session. Benzene FOB prices are 2-3 cents/gal below DDP (delivered, duty paid) prices.

OLEFINS: ethylene offered lower at 69.5 cents/lb; PGP lower at 70 cents/lb
US August ethylene was offered on Tuesday at 69.5 cents/lb, lower compared with 71.0 cents/lb the previous day, against no fresh bids. US August polymer-grade propylene (PGP) traded on Tuesday at 70.0 cents/lb, lower than a reported trade at 70.5 cents/lb done last Wednesday.

For more pricing intelligence please visit www.icispricing.com

By Staff Reporter