NOON SNAPSHOT - Americas Markets Summary

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

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

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 US midwest and east coast in the week of 5-9 February.

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 Enterprise plant in Texas had maintenance last week, potentially reducing demand, and naphtha’s price fluctuations have recently made it a more competitive chemical feedstock.

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.

For more pricing intelligence please visit www.icispricing.com


By: Staff Reporter
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly