12 September 2008 18:31 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Friday’s mid-day Americas oil and chemical market summary from ICIS pricing.
CRUDE: WTI $101.13/bbl, up 26 cents; BRENT $97.40/bbl, down 24 cents
US crude futures initially surged in early trading on Friday as Hurricane Ike closed in on Houston, closing refineries and shutting in offshore production. WTI (West Texas Intermediate) futures reached a peak at $102.89/bbl before giving up most of its gains. The faltering global demand picture and the strengthening of the US dollar remain driving forces on oil market sentiment.
NATURAL GAS: $7.466/MMBtu, up 2.18 cents
Natural gas futures prices mirrored the early rally in crude, giving up early gains to hover around Thursday's closing levels. Traders were waiting to see whether Hurricane Ike would cause lasting damage to Gulf of Mexico offshore production.
RBOB: $2.7730/gal, up 2.42 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures spiked in early business as market sentiment caught up with Thursday's late-day surge in the physical gasoline market in Houston. The rally reached a peak at $2.8793/gal before retreating.
BENZENE: US Gulf trading was on hold on Friday with market participants absent in preparation for Hurricane Ike. Spot pricing ideas remain wide and notional bid/offer levels were at $4.20-4.40/gal, steady with Thursday.
ETHYLENE: No ethylene business was heard with US Gulf traders absent for Ike. Ethylene for September was notionally assessed at 49.00-50.00 cents/lb, close to deals done at 49.50 cents/lb and 49.00 cents/lb on Wednesday.
PROPYLENE: Refinery-grade propylene (RGP) trading paused for Hurricane Ike. RGP for September was notionally assessed at 55.00-56.00 cents/lb, compared with the last trade on 8 September at 55.50 cents/lb.For more pricing intelligence please visit www.icispricing.com
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