21 August 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $103.85/bbl, down $1.26; Oct Brent: $109.81/bbl, down 34 cents
NYMEX WTI crude futures came off under pressure from a sell-off in the stock market and the dollar rising against a basket of currencies. The US Federal Reserve indicated that trimming the implementation of the economic stimulus programme at the present time would not be appropriate. The length liquidation discounted the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater-than-forecast drawdown in crude and gasoline inventories.
RBOB: Sep $2.9377/gal, up 1.05 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures settled higher after the EIA report showed an unexpected drop of 4m bbl in gasoline inventories. ?xml:namespace>
NATURAL GAS: Sep: $3.460/MMBtu, up 1.6 cents
Natural gas futures on the NYMEX settled up slightly from the previous day’s close. The September front month posted strong growth through morning trade as participants reacted to overnight weather forecasts predicting a stronger-than-expected heatwave across much of the US through the next 10 days. However, concerns over high inventories caused the front month to retreat at the approach of the bell.
ETHANE: higher at 25.50 cents/gal
Ethane spot prices were higher, following stronger natural gas.
AROMATICS: toluene up at $3.88-4.00/gal
August toluene price discussions were up from $3.80-3.90/gal FOB the previous session.
OLEFINS: ethylene offered lower at 56.25 cents/lb, RGP steady at 59.5-61.5 cents/lb
US August ethylene offers fell from 58.00 cents/lb at the close of the previous day, while bids remained scarce. US refinery-grade propylene (RPG) bid/offer levels were flat with the previous day’s prices.