NOON SNAPSHOT - Americas Markets Summary

18 September 2008 18:00  [Source: ICIS news]

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

CRUDE: WTI: $96.52, down 64 cents. BRENT: $94.32, down 52 cents.
Crude prices slipped off overnight highs under pressure from a sell-off in refined products. West Texas Intermediate (WTI) topped out at $102.24/bbl as the financial crisis attracted funds into commodities, but restarts after Hurricane Ike and foreign products cargos heading for the US triggered the length liquidation.

NATURAL GAS: $7.505/MMBtu, down 40.5 cents
Natural gas futures prices declined in early trading as the US government reported a larger-than-expected build in domestic inventories.

RBOB: $2.3816/gal, down 8.14 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices drifted lower, following the trend in crude oil.

BENZENE: The spot market was quiet, but the arbitrage window from Europe was said to be open. A September cargo was heard traded at $4.40/gal DDP (delivered, duty paid) a day earlier.

ETHYLENE: US ethylene for September was offered at 55.75 cents/lb in the Williams system, while a bid at the Equistar system was heard at 58.00 cents/lb. Ethylene for Choctaw delivery was bid at 57.00 cents/lb. US ethylene for September traded on Thursday at 55.00 and 54.75 cents/lb both for Williams delivery.

PROPYLENE: No refinery-grade propylene (RGP) deals were heard. RGP for September last traded on 8 September at 55.50 cents/lb.

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

By: Staff Reporter
+44 20 8652 3214

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