NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: WTI: $89.58, down $4.30; BRENT: $85.53, down $4.72
Crude prices plunged to eight-month lows on sentiment that the deepening credit crunch will reduce oil demand. A plunge in the stock market and a rally in the US dollar also pressured the energy complex. West Texas Intermediate (WTI) bottomed out at $88.89/bbl, the lowest level since trading at $88.00/bbl in early February.

NATURAL GAS: $6.913/MMBtu, down 44.5 cents
Natural gas futures prices plummeted to nine-month lows on mild weather forecasts and the downturn in energy prices.

RBOB: $2.1025/gal, down 12.58 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices dropped on crude oil prices.

BENZENE: October spot offers were heard at $4.00/gal FOB (free on board), but buyers were on the sidelines amid falling benzene prices in the Asian and European markets. Barges on a DDP (delivered, duty paid) basis were heard offered at $3.88/gal.

ETHYLENE: October spot ethylene was unchanged at 51.75-56.00 cents/lb with no trades heard.

PROPYLENE: Refinery grade propylene (RGP) spot prices were flat at 50.0-50.5 cents/lb.

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

By: Staff Reporter
+44 20 8652 3214

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