26 January 2011 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday ?xml:namespace>
CRUDE: Mar WTI: $86.79/bbl, up 60 cents; Mar Brent: $97.21/bbl, up $1.96
WTI crude futures rose in response to the weekly supply statistics from the EIA showing a much greater-than-forecast build in crude and gasoline. The rally was inspired by financial flow into commodities, tracking a weaker dollar. The negative Brent-WTI spread widened over $10.00.
RBOB: Feb: $2.3977/gal, up 5.50 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) climbed amid reports of significant turnarounds on gasoline-making units at two large US Gulf refineries, despite the larger-than-forecast build in crude oil inventories and a large build in gasoline inventories.
NATURAL GAS: Feb: $4.433/MMBtu, down 4.0 cents
Natural gas prompt-month futures dropped for the third consecutive day on forecasts for moderate temperatures, which would likely reduce demand for heating. Gas fell about 1.8% on forecasts of normal temperatures for the
ETHANE: down at 61.00-62.25 cents/gal
Mont Belvieu ethane dropped despite crude moving higher, and traders were not sure of the reason. An
AROMATICS: benzene up at $4.30-4.40/gal FOB
US benzene spot prices were discussed within a higher range this morning, following stronger prices in Europe which have surged on production issues. The range was up from a trade at $4.27/gal DDP (delivery, duty paid) the previous day.
OLEFINS: ethylene up at 43-44 cents/lb; RGP flat at 72-73 cents/lb
US ethylene bid/offers for January moved slightly up despite lower feedstock prices. Refinery-grade propylene (RGP) remained assessed at 72-73 cents/lb. RGP was last heard traded at 72.50 cents/lb on Monday.
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