NOON SNAPSHOT - Americas Markets Summary

24 July 2008 18:05  [Source: ICIS news]

HOUSTON (ICIS news)--Here is Thursday’s mid-day Americas oil and chemical market summary from ICIS pricing.

CRUDE: WTI: $124.08 down 36 cents; BRENT: $125.08, down 21 cents
Crude prices chopped around after factoring in recent events. The dollar hit a two-week high versus the euro before retreating in response to a negative housing report, which also pressured the stock market. The natural gas inventory report from the Energy Information Administration (EIA) revealed a much greater than forecast build in stocks. West Texas Intermediate (WTI) hit an intra-day high of $126.01/bbl and bottomed out at $123.50/bbl before consolidating.

NATURAL GAS: $9.124/m Btu, down 66.4 cents
Natural gas futures prices moved lower on a reported build in domestic inventories and forecasts calling for mild weather.

RBOB: $3.023/gal, down 1.14 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures came down in early trading. The RBOB contract has followed direction from crude and seen a build in domestic stocks.

BENZENE: August benzene prices were said to be $4.45-4.48/gal FOB (free on board) HTC (Houston-Texas City) early in the day. The range was up from $4.42-4.44/gal FOB HTC on Wednesday afternoon.

ETHYLENE: No bid/offers were heard for ethylene. Ethylene traded at 60.00 cents/lb for July and at 59.50 cents/lb for August on Wednesday.

PROPYLENE: Refinery grade propylene (RGP) was bid at 68.00 and offered at 79.875 cents/lb. Spot RGP for July was last heard traded at 78.875 and 79.00 cents/lb on 15 July.

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