EVENING SNAPSHOT - Americas Markets Summary
06 October 2008 23:11 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Monday’s end-of-day Americas oil and chemical market summary from ICIS pricing.
CRUDE: WTI $89.00/bbl (up 1.19), BRENT $83.68/bbl (down $6.57)
US crude futures rose sharply in after-hours electronic Globex trading after plunging to eight-month lows during the normal floor session. Sentiment that the credit crisis will affect energy demand and a rally in the US dollar triggered a round of selling in commodities. November West Texas Intermediate (WTI) bottomed out at $87.56/bbl before rebounding on profit taking.
*Brent reflects the value of the ICE settlement on the day.
NATURAL GAS: $6.835, down 52.3 cents
Natural gas futures prices tumbled on the decline in energy commodities. Prices continued to drift lower as forecasts called for mild weather. In addition. supply increased as production ramped up following hurricanes Ike and Gustav.
RBOB: $2.0591/gal, down 16.92 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices took a nose dive in trading, following crude oil down.
BENZENE: US October benzene traded sharply lower in the low to mid $3.70s/gal DDP (delivered, duty paid), compared with a bid/offer range of $3.92-3.95/gal DDP seen on Friday. Barges on a free-on-board basis were said to carry a 2-cent premium relative to DDP material.
ETHYLENE: No spot ethylene trades were heard done, leaving notional prices steady at 51.75-56.00 cents/lb.
PROPYLENE: Refinery grade propylene (RGP) was flat at 50.0-50.5 cents/lb with no trades heard done.
For more pricing intelligence please visit www.icispricing.com.
By: Staff Reporter
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