NOON SNAPSHOT - Americas Markets Summary

26 November 2008 18:00  [Source: ICIS news]

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

CRUDE: January WTI: $50.82, up 5 cents; January Brent: $50.91, up 56 cents.
Crude prices gave back some of the early gains and sold sharply in response to the weekly EIA (Energy Information Administration) statistics showing a much greater-than-forecast build in crude stocks. WTI (West Texas Intermediate) topped out at $53.00/bbl before retreating.

NATURAL GAS: $6.505/MMBtu, up 11.9 cents
Natural gas futures prices jumped up on the NYMEX following a 66bn cubic foot decline in stocks, signalling the start of the drawdown season.

RBOB: $1.1531/gal, up 5.82 cents
Reformulated blendstock for oxygenate blending (RBOB) rallied around the rising barrel of crude oil despite a 1.9m bbl build in domestic gasoline stocks.

BENZENE: US spot benzene bids slid lower after one broker opened trading with a bid at 90 cents/gal, compared with the previous day’s range of 95-105 cents/gal.

ETHYLENE: US ethylene traded at 17.00 cents/lb, unchanged from Tuesday, but down from 18.25 and 18.75 cents/lb on Friday.

PROPYLENE: No refinery-grade propylene (RGP) deals were heard. December RGP last traded on Friday at 14.50 cents/lb, unchanged from Thursday.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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