NOON SNAPSHOT - Americas Markets Summary

25 January 2011 18:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: Mar WTI: $86.69/bbl, down $1.18; Mar Brent: $95.32/bbl, down $1.29
NYMEX WTI crude futures extended recent losses in response to the euro shifting lower versus the dollar and expectations that the weekly inventory data will show another build in gasoline stocks. WTI bottomed out at $86.30/bbl before rebounding.

RBOB: Feb: $2.3611/gal, down 5.21 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices followed crude oil down amid mixed economic news. The possibility that Saudi Arabia and other OPEC countries could step up production to put a ceiling on gasoline markets caused a sell-off in the market.

NATURAL GAS: Feb: $4.429/MMBtu, down 15.1 cents
NYMEX natural gas futures picked up where the falling benchmark left off as the February contract slipped back into the $4.40s/MMBtu. Hints of an upturn in temperatures from commercial forecasters and short-term mild weather helped trigger a market sell-off.

ETHANE: lower at 62.875-63.750 cents/gal
Mont Belvieu ethane prices continued to slide as crude took sharp hits on the NYMEX future markets. That depressed the market prices for ethane.

AROMATICS: benzene steady at $4.25-4.32/gal
Aromatics activity was light early in the day as traders stayed on the sidelines. Market sources said the lack of activity was because of ongoing contract discussions for February benzene and a recent decline in crude.

OLEFINS: ethylene steady at 43.00 cents/lb; RGP flat at 72.50 cents/lb
US ethylene price ideas for January remained around 43.00 cents/lb. Refinery-grade propylene (RGP) was last heard traded at 72.50 cents/lb on Monday, down from 73.00 cents/lb last week.

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By: Staff Reporter
+44 20 8652 3214

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