28 January 2011 18:00 [Source: ICIS news]
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CRUDE: Mar WTI: $89.45/bbl, up $3.81; Mar Brent: $99.42/bbl, up $2.03
NYMEX WTI crude futures rose steadily and showed signs of working higher amid massive round of pre-weekend short covering, triggered by political protests in various Islamic countries. The energy complex also received support from investors’ cash flow cheering a Q4 rise in US GDP.
RBOB: Feb: $2.4539/gal, up 7.23 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) surged after the government announced preliminary estimates for fourth-quarter GDP at 3.2% higher, even though it fell below expectations of 3.5%. That trumped slight gains made by the US dollar versus the euro and yen.
NATURAL GAS: Mar: $4.337/MMBtu, up 1.8 cents
The March contract took over as the NYMEX front-month natural gas contract and shook off an early-session dip to break into positive territory by midday. Cheap prices attracted buying amid forecasts of further cold weather in the coming weeks.
ETHANE: down at 59.75-60.50 cents/gal
Mont Belvieu ethane continued to show weaker demand with no deals completed in the morning. Chemical companies have looked at other products, such as naphtha, for crackers.
AROMATICS: benzene down at $4.30-4.40/gal FOB
January benzene spot prices moved down this morning from a weekly high of $4.40-4.65/gal FOB (free on board) the previous session. The decline comes after a trade was confirmed at $4.35/gal FOB.
OLEFINS: ethylene offer up at 44.75 cents/lb; RGP flat at 72.50 cents/lb
US ethylene for February was offered at 44.75 cents/lb after trading at 43.50-44.50 cents/lb on Thursday. Refinery-grade propylene (RGP) remained assessed at 72.50 cents/lb based on deals done earlier in the week.
For more pricing intelligence please visit www.icispricing.com.
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