14 July 2010 23:00 [Source: ICIS news]
HOUSTON (ICIS news)--Here is Wednesday’s end of day ?xml:namespace>
CRUDE: Aug WTI: $77.04/bbl, down 11 cents; Aug Brent: $76.77/bbl, up 12 cents
US crude futures drifted lower, towards $76.80/bbl, in after-market selling after it reversed direction and settled in negative territory during the normal floor session. A lower growth outlook for the economy expressed by the Federal Reserve late in the day pressured the stock market and drove down various commodities. Oil prices had experienced some volatility earlier in response to Energy Information Administration statistics. North Sea Brent crude moved into backwardation on short covering ahead of Thursday’s August contract expiration.
NATURAL GAS: $4.306/MMBtu, down 4.8 cents
RBOB: $2.0665/gal, down 1.56 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) initially moved up on the coattails of crude oil after the Energy Information Administration (EIA) reported that crude inventories dropped by 5.1m bbl for the week ended 9 July. But after time, the market reacted to the rest of the report, which showed a decline in gasoline demand and a jump in gasoline inventories. In addition, disappointing retail figures for June with auto and gasoline sales caused the equities market to plunge.
BENZENE: up at $2.64-2.66/gal
A USG (US Gulf) spot benzene deal was heard at $2.64/gal DDP (delivered, duty paid) for July amid an otherwise quiet market. The transaction was in the upper end of the early-day bid/offer range, pushing the July spread up to $2.64-2.66/gal.
ETHYLENE: up at 29.50-30.00 cents/lb
PROPYLENE: up at 43.00-44.00 cents/lb
For more pricing intelligence please visit www.icispricing.com.
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