NOON SNAPSHOT - Americas Markets Summary

07 January 2009 18:00  [Source: ICIS news]

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

CRUDE: February WTI: $45.29/bbl, down $3.29; February Brent: $48.27/bbl, down $2.26
Crude prices plunged on profit taking from recent advances and in response to the weekly Energy Information Administration (EIA) supply statistics which showed a much greater than forecast build in crude and refined products inventories. WTI (West Texas Intermediate) bottomed out at $44.38/bbl before rebounding.

NATURAL GAS: $5.885/MMBtu, down 9.8 cents
Natural gas futures prices trailed the slide in crude oil prices. Traders expected to see a 79bn cubic foot decline in domestic natgas stocks when the EIA releases its storage report on Thursday.

RBOB: $1.1230/gal, down 6.62 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices dropped alongside falling crude oil as gasoline supplies added 3.3m bbl to domestic inventories. Total motor gasoline supplies were at 211.4m bbl for the week ended 2 January, according to the EIA.

BENZENE: US Gulf coast barges were steady with bids heard around 85 cents/gal and offers notionally at 95 cents/gal FOB (free on board) HTC (Houston-Texas City). That compares with year-earlier benzene prices at $3.43-3.47/gal FOB.

ETHYLENE: US ethylene for January traded at 24.25 cents/lb, up from deals done at 23.00 and 23.50 cents/lb on Tuesday.

PROPYLENE: No refinery-grade propylene (RGP) spot activity was heard on Wednesday. RGP for January last traded at 14.50 and 15.00 cents/lb on Monday.

For more pricing intelligence please visit www.icispricing.com


By: Staff Reporter
+44 20 8652 3214



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