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DeWitt's News
 
Key Drivers - Aug 10,2012

Crude, Gas & Naphtha

Americas Energy bubbling up along with Equities markets; Regrade falling.
Europe Crude, gasoline and naphtha have hit a 3 month high.
Asia Naphtha continues to surge in line with firm crude oil.
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Market Commentary

Crude, Gasoline & Naphtha - Newsletter#: 1774
Date: 08/10/2012

For the most up-to-date information, become a subscriber by contacting us at petrochemicals@argusmedia.com.

Americas

Energy is moving up though this has been of no benefit in terms of spurring aromatics markets. Futures oil finished the week near 93 $/Bbl, while futures gasoline made it back into 300 cpg territory. Crackspreads are wildly divergent with Brent figures near 14 $/Bbl and WTI near 34 $/Bbl. Regrade has dropped again and is now at 30 cpg. The global headline machine has eased off of European financial issues over the past few weeks and this has helped to weaken the US dollar. Also, equity markets have rebounded and oil seems to be trading hand-in-hand with the S&P.

Europe

North Sea Dated Crude rose above 113.50 $/Bbl on Wednesday and Thursday, its highest level since early May, but dropped back close to $112.5 on Friday after the publication of disappointing Chinese trade data. Stocks and other commodities have been following a similar pattern. Conflict in the Middle East keeps market nervous, and planned outages in the Buzzard and Troll fields in the North Sea will tighten availability for the Brent contract in both August and September. Gasoline climbed above $1060 and naphtha above $930. The euro strengthened above 1.24 as commodities rose, but dropped back to 1.226 (the ECB close) on Friday afternoon.

Asia

Crude has been firm during the week due to on-going tension in ME Asia, expectation of economy stimulus action in US and weaker USD value. Brent displayed the strongest gains with reduced production in the North Sea. That widened Brent to Dubai crude price spreads above 6 $/Bbl, a level not seen since early April. Brent crude price jumped past 112 $/Bbl during the week. Dubai price also firmed up above 106 $/Bbl. Naphtha price rebounded over $900 mark during the week in line with strong crude sentiments. It has been three months since naphtha price was seen in the $900’s previously seen in mid-May. Today’s value remains firm, closing at $937.50 compared to $916 CFR on Thursday. Demand from NE Asia, especially Korea, is healthy with stable operation of crackers with higher rate.
Current Prices

Crude, Gasoline & Naphtha

For the most up-to-date information, become a subscriber by contacting us at petrochemicals@argusmedia.com.

Unit
RegionPeriodProductSpot LowSpot HighUnitContract LowContract HighUnitDescription
NA 11/16/2012 Toluene BV (w) 3.0356 3.0356 $/Gal  RWA
  11/16/2012 Xylenes BV (w) 3.0956 3.0956 $/Gal  RWA
  11/20/2012 WTI 86.3700 86.3700 $/Bbl  Spot EOD
  11/20/2012 ULR USGC 2.5750 2.5750 $/Gal  EOD
  11/20/2012 ULP USGC 2.6800 2.6800 $/Gal  EOD
  11/20/2012 Toluene BV (d) 3.0842 3.0842 $/Gal  EOD
  11/20/2012 Xylenes BV (d) 3.1542 3.1542 $/Gal  EOD
  11/20/2012 Toluene BV (est) 3.0774 3.0774 $/Gal  CDE
  11/20/2012 Xylenes BV (est) 3.1472 3.1472 $/Gal  CDE
WE 11/16/2012 Toluene BV 1,023 1,023 $/MT  RWA
  11/20/2012 ULR R'Dam 961 961 $/MT  EOD
  11/20/2012 ULP R'Dam 971 971 $/MT  EOD
  11/20/2012 North Sea Dated 110 110 $/Bbl  EOD
AP 11/20/2012 Dubai 110 110 $/Bbl  EOD
NA = North America, SA = South America, WE = West Europe, AP = Asia Pacific, EOD = End of Day, RWA = Recent Weekly Avg, CDE = Current Day Estimate
Historical Pricing
 
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