NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Mar WTI: $86.08/bbl, down $1.25; Mar Brent: $97.81/bbl, down 10 cents
NYMEX WTI crude futures gave back the previous session’s gains in response to weak jobless data in the US and talk out of Kuwait that OPEC may increase exports to cool down rising oil prices. WTI bottomed out at $85.63/bbl before rebounding.

RBOB: Feb: $2.4044/gal, down 2.62 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices fell as the jump in crude stocks continued to weigh down the NYMEX petroleum complex, overshadowing a weakening dollar. However, US claims for jobless benefits surged last week as snowstorms kept workers home.

NATURAL GAS: Feb: $4.369/MMBtu, down 12.2 cents
NYMEX natural gas futures trading broke through the $4.40/MMBtu support level after the weekly government storage report triggered a precipitous increase and then an equally abrupt fall in values. The more active second-month contract was also down by about 12 cents.

ETHANE: down at 60.00-61.25 cents/gal
Mont Belvieu ethane continued to fall as a result of what traders suggested was a correction to the price hike seen last week.

AROMATICS: benzene up at $4.40-4.65/gal FOB
Strong benzene prices and production problems in Europe have driven US benzene spot prices up 10-25 cents/gal this morning from $4.30-4.40/gal FOB (free on board).

OLEFINS: ethylene up at 43.75-44.25 cents/lb; RGP flat at 72-73 cents/lb
US ethylene for January and February traded higher amid talk of potential operational issues in the US Gulf. Refinery-grade propylene (RGP) remained assessed at 72.00-73.00 cents/lb, after trading at 72.50 cents/lb on Wednesday.

For more pricing intelligence please visit www.icispricing.com.

By: Staff Reporter
+44 20 8652 3214

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