NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Nov WTI: $87.38, down $2.66; Nov Brent: $82.42, down $2.24

Crude prices fell sharply in response to the weekly EIA data showing a much greater-than-forecast build in US crude and gasoline inventories. A portion of the gains were given back in response to reports that OPEC was planning to hold a special meeting on 18 November to review the financial crisis as well as output quotas. WTI bottomed out at $86.05/bbl before rebounding.

NATURAL GAS: $6.723/MMBtu, down 4.5 cents

Natural gas prices were down in early Wednesday trading. Industry analysts expected a build in stocks to show up in the US government's weekly domestic inventory report due on Thursday.

RBOB: $1.9672/gal, down 9.56 cents

Reformulated blendstock for oxygenate blending (RBOB) futures prices plunged after the EIA reported a 7.2m bbl increase in domestic gasoline inventories.

BENZENE: US benzene spot prices for October delivery moved to a lower, wider range with bid/offers heard at $3.50-3.60/gal DDP HTC.

ETHYLENE: US ethylene price ideas softened on Wednesday after spot material was offered on Tuesday at 55 cents/lb for Equistar and 49 cents/lb for Williams delivery. Ethylene was last heard traded on 3 October at 56.00 cents/lb on the Equistar system.

PROPYLENE: Refinery-grade propylene (RGP) prices continued to plummet on Wednesday. RGP for October was offered at 44 cents/lb, down from an offer at 47 cents/lb on Tuesday and 48 cents/lb on Monday. October RGP for pipeline delivery was last heard traded on 2 October at 50.25 cents/lb.

For more pricing intelligence please visit www.icispricing.com

 

By: Staff Reporter
+44 20 8652 3214

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