08 June 2010 23:26 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Tuesday’s end of day Americas oil and chemical market summary from ICIS pricing.
CRUDE: Jul WTI: $71.99/bbl, up 55 cents; Jul Brent: $72.30/bbl, up 18 cents
Crude prices spiked towards $72.60/bbl in after-market electronic trading after weekly supply statistics from the American Petroleum Institute (API) revealed a much greater-than-forecast drawdown in crude inventories. The gains were kept in check by a contrary-to-expectations build in gasoline inventories.
NATURAL GAS: $4.808/MMbtu, down 10.8 cents
Natural gas futures retreated from record gains on Monday, falling more than 10 cents/gal. A reversal in weather forecasts showing cooler temperatures in the US midwest and northeast dampened demand for gas-powered electricity.
RBOB: $1.9891/gal, down 0.58 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) saw another day of sideways trading amid mixed economic messages. Concerns about the debt crisis persisted in Europe, but the chairman of the US Federal Reserve gave encouraging words for economic progress.
BENZENE: lower at $2.86-2.90/gal
Spot benzene prices in the US Gulf were in the range of $2.86-$2.90/gal FOB (free on board), while DDP (delivery, duty paid) barges were 2-3 cents/gal below that spread.
ETHYLENE: lower at 32.50-33.50 cents/lb
US ethylene for June traded on Tuesday at 32.50-33.50 cents/lb, down from 34.00 cents/lb on Monday amid continued pressure from ample supply.
PROPYLENE: steady at 36.00-39.50 cents/lb
Refinery-grade propylene (RGP) bid/offers on Tuesday were at 36.00-39.50 cents/lb. RGP for June was last heard traded at 38.00-38.25 cents/lb.
For more pricing intelligence please visit www.icispricing.com.
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