EVENING SNAPSHOT - Americas Markets Summary
18 December 2008 23:29 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Thursday’s end-of-day Americas oil and chemical market summary from ICIS pricing.
CRUDE: WTI $36.38/bbl, up 16 cents; BRENT $43.36/bbl, down $2.17
US crude futures rose slightly in after-hours electronic Globex trading after plunging during the normal floor session. Weakening global energy demand and a sell-off in the stock market overshadowed OPEC’s recent decision to trim oil output. January West Texas Intermediate (WTI) bottomed out at a four-year low of $35.98/bbl before rebounding ahead of the closing bell.
*Brent reflects the value of the ICE settlement on the day.
NATURAL GAS: $5.548/MMBtu, down 7.1 cents
Natural gas futures prices dropped as further weakening in the energy markets pushed prices down. The US Energy Information Administration (EIA) reported a 124-bcf drop in domestic supplies.
RBOB: $0.9629/gal, down 4.26 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices fell on the back of declining crude oil prices.
BENZENE: With energy markets in retreat, benzene spot barge bids dropped into the high 80s cents/gal compared with 98 cents/gal a day earlier. Offers were notionally assessed at 96 cents/gal.
ETHYLENE: US ethylene for December and January traded at 17.75 cents/lb on Thursday. That is up from a deal for January done at 16.50 cents/lb on Wednesday. Ethylene for December had previously traded on Tuesday, also at 16.50 cents/lb.
PROPYLENE: Refinery-grade propylene (RGP) prices remained steady on Thursday. RGP for December traded at 13.00 cents/lb on Wednesday, steady with a deal done on 11 December also at 13.00 cents/lb.
For more pricing intelligence please visit www.icispricing.com.By: Staff Reporter
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