NOON SNAPSHOT - Americas Markets Summary
30 October 2008 17:00 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Thursday’s mid-day Americas oil and chemical market summary from ICIS pricing.
CRUDE: WTI: $64.47, down $3.03; BRENT: $62.35, down $3.12
Crude prices reversed direction and gave back the previous session’s gains as market participants factored in the possibility of a deep recession and a sharp decline in demand. West Texas Intermediate (WTI) established a high of $70.60/bbl before selling down to $64.04/bbl and then attempted to rebound.
NATURAL GAS: $6.483/MMBtu, down 29.5 cents
Natural gas prices dusted off the gains from Wednesday’s trading session and plunged nearly 30 cents, following the expiration of the November contract. Wednesday's natural gas settlement for December delivery was at $6.778/MMBtu. Lower crude oil prices combined with a larger than expected build in domestic natural gas inventories helped pressure prices down.
RBOB: $1.464/gal, down 6.9 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) drifted lower alongside declining crude oil prices.
BENZENE: US benzene spot range shrank in discussions through midday to $1.57-1.60/gal FOB (free on board) HTC (Houston-Texas City). Lower spot price discussions were attributed to lower values in the NYMEX energy complex.
ETHYLENE: No US ethylene spot deals were heard on Thursday. Ethylene for November traded at 27.00 cents/lb on Wednesday, up from 26.00 cents/lb on 27 October.
PROPYLENE: Spot refinery-grade propylene (RGP) for October traded at 23 cents/lb, up from 20 cents/lb on 28 October.
For more pricing intelligence please visit www.icispricing.com.
By: Staff Reporter
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