NOON SNAPSHOT - Americas Markets Summary

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

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

CRUDE: Apr WTI: $97.59/bbl, up 31 cents; Apr Brent: $111.59/bbl, up 23 cents
WTI crude futures traded higher but well off the intra-day high of $99.20/bbl following reports that Saudi Arabia had raised output by around 700,000 bbl/day. WTI bottomed out at $96.17/bbl but rebounded after reports that the US was considering closing the embassy in Libya.

RBOB: Mar: $2.7276/gal, down 1.09 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices fell after Saudi Arabia increased its crude output and on a negative US economic report. The Commerce Department said the economy grew at a rate slower than analysts expected at the end of 2010

NATURAL GAS: Apr: $3.979/MMBtu, up 10.7 cents
The NYMEX front-month contract rolled to April and prices surged at midday. Long-range weather forecasts showed below-average temperatures for much of the US midwest, northwest and northeast during mid-March, potentially raising heating demand.

ETHANE: up at 71.0-72.5 cents/gal
Mont Belvieu ethane prices moved back above 70 cents/gal, confounding most of the market. With April ethane priced 10 cents/gal lower than March, one theory floated for the higher March spot level was that another chemical cracker came up short on ethane supply.

AROMATICS: benzene down at $4.25-4.35/gal
Prompt US benzene price discussions were weaker early Friday compared with the early Thursday level of $4.50/gal FOB (free on board). The benzene market was riding the volatility seen in upstream energy futures.

OLEFINS: ethylene bid flat at 52.00 cents/lb; RGP flat at 61.50 cents/lb
US ethylene bid/offers for February and March were mostly flat at 52.00-54.00 cents/lb. No refinery-grade propylene (RGP) bid/offers were heard. RGP for March traded on Thursday at 61.50 cents/lb.

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

By: Staff Reporter
+44 20 8652 3214

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