NOON SNAPSHOT - Americas Markets Summary

03 December 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: $47.15, up 19 cents; January Brent: $45.66, up 22 cents.
Crude prices spiked on profit taking in response to the weekly supply statistics from the EIA showing contrary to forecast draw-downs in crude and refined products. WTI (West Texas Intermediate) topped out at $48.10/bbl before the rally was capped and some of the gains were given back.

NATURAL GAS: $6.450/MMBtu, up 2.6 cents
Natural gas prices inched up on the back of higher crude prices and cold weather forecasts.

RBOB: $1.0540/gal, down 0.43 cents
Gasoline futures prices dipped despite the EIA (Energy Information Administration) posting statistics showing domestic gasoline inventories decreased by 1.6m bbl last week.

BENZENE: Spot barge offers continued falling amid weak demand for December material. Bids/offers were notionally pegged at 84-90 cents/gal, a 13% drop from the same time a week earlier.

ETHYLENE: US ethylene for December was offered at 17 cents/lb. Ethylene traded at 16.50-17.00 cents/lb on Tuesday.

PROPYLENE: No refinery-grade propylene (RGP) spot activity was heard. RGP traded at 12.25 cents/lb on Tuesday, up from 12 cents/lb on Monday.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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