NOON SNAPSHOT - Americas Markets Summary

06 August 2008 18:00  [Source: ICIS news]

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

CRUDE: WTI: $117.55, down $1.62; BRENT: $116.11, down $1.59
Crude prices fell sharply in response to statistics from the Energy Information Administration (EIA), which revealed a much greater than forecast build in crude stocks. This was in part countered by a much larger than expected drawdown in gasoline inventories. West Texas Intermediate (WTI) sold down to $117.11/bbl before the dip attracted buying.

NATURAL GAS: $8.678/m Btu, down 4.8 cents
Natural gas traded down in early trading on forecasted mild weather and a build in domestic inventories.

RBOB: $2.9286/gal, down 2.78 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures moved lower towards the $2.90/gal mark early in the day. The decline was in line with weaker crude.

BENZENE: August benzene spot levels were said to be at $4.20-4.28/gal FOB (free on board) HTC (Houston-Texas City) early in the day. The range was up from $4.17-4.25/gal FOB HTC on Tuesday.

ETHYLENE: An August ethylene trade was heard at 50 cents/lb late on Tuesday, 2 cents/lb lower than a day earlier.

PROPYLENE: Refinery grade propylene (RGP) spot pricing was unchanged at 70.5-71.0 cents/lb amid thin trading.

For more pricing intelligence please visit www.icispricing.com.

By: Staff Reporter
+44 20 8652 3214

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