29 December 2010 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $91.16/bbl, down 33 cents; Feb Brent: $94.06/bbl, down 32 cents
NYMEX WTI crude futures were slightly lower during early morning trading as analysts called for a corrective drop to the $90s/bbl. The drop also came ahead of US inventory data, which was expected to show a drawdown in crude.
RBOB: Jan $2.3904/gal, down 1.52 cents/gal
Prices for reformulated gasoline blendstock for oxygenate blending (RBOB) tracked the dip in crude oil futures as investors were cautious before the US Energy Information Administration (EIA) released its report on Thursday, a day later than normal.
NATURAL GAS: Feb: $4.251/MMBtu, up 3.7 cents
The NYMEX front-month benchmark moved to February and trading proved choppy in the morning session with values bouncing between a 10-cent spread. The erratic trading patterns mimicked mixed short-term weather outlooks, with little consensus on January and February temperatures.
ETHANE: contracted at 64.00 cents/gal
The Mt. Belvieu ethane range contracted as activity was thin, with offers heard for material but no bids made.
AROMATICS: benzene up at $3.85-4.00/gal
January benzene spot discussions took prices higher early in the day, following stronger crude prices and stronger benzene prices in Europe. Traders also said the jump in US benzene spot prices may be based on positioning for January contract negotiations.
OLEFINS: ethylene down at 41.75 cents/lb; RGP bid/offer 52-72 cents/lb
US ethylene for January traded 1 cent/lb lower compared with last week amid news of another cracker restart in US Gulf. Meanwhile, refinery-grade propylene (RGP) bid/offers for December were wide apart at 52-72 cents/lb. RGP for December was last heard traded at 68.00 cents/lb on Monday.
For more pricing intelligence please visit www.icispricing.com
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