NOON SNAPSHOT - Americas Markets Summary

01 July 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: July WTI: $69.66/bbl, down 23 cents; August Brent: $69.16/bbl, down 14 cents
Crude prices gave back early gains and reversed direction in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater-than-forecast build in gasoline and distillate stocks and demand down ahead of the holiday weekend. The market overlooked a substantial drawdown in crude inventories as well as an upbeat stock market and a weak US dollar. WTI (West Texas Intermediate) bottomed out at $69.20/bbl before rebounding.

NATURAL GAS: $3.815/MMBtu, down 2.0 cents
Natural gas futures prices dropped alongside weaker values in the energy complex.

RBOB: $1.8767/gal, down 2.53 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) futures prices dropped following a 3.7m bbl build in domestic gasoline inventories. The front-month changed to August.

BENZENE: US spot benzene for July was steady around $2.85-2.92/gal FOB (free on board) after falling back from the higher contract settlement a day earlier.

ETHYLENE: US July ethylene was lower at 23.75-24.00 cents/lb with a deal heard at 24.00 cents/lb on Tuesday. The CME July ethylene futures contract was at 23.75 cents/lb at the close of business on Tuesday, with August contracts traded at 23.75 cents/lb.

PROPYLENE: Refinery-grade propylene (RGP) was flat at 37 cents/lb with no deals heard so far this week.

For more pricing intelligence please visit www.icispricing.com

By: Staff Reporter
+44 20 8652 3214

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