15 June 2011 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $98.51/bbl, /down 86 cents; Jul Brent: $118.37/bbl, down $1.79
NYMEX WTI crude futures rallied in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater-than-forecast drawdown in oil inventories but the gains were given back as the dollar strengthened and Brent pulled back from 5-week highs.
RBOB: July: $3.0339/gal, down 3.07 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) prices wobbled after the EIA reported a smaller-than-expected gain in inventories; however prices fell further on concerns of the poor performances of the US and European economies.
NATURAL GAS: July: $4.552/MMBtu, down 2.9 cents
The front-month natural gas contract price on the NYMEX continued its fall for the third day in a row on forecasts calling for milder weather in the eastern US that might limit power demand for air conditioning and cooling.
AROMATICS: Toluene up at $3.63-3.65/gal
US June n-grade toluene prices were up early in the day. The morning range was also discussed late Tuesday, following a June c-grade trade at $3.64/gal DDP (delivered, duty paid). The n-grade price was also up from Monday's band of $3.56-3.58/gal FOB, in line with higher aromatics prices.
OLEFINS: July ethylene flat at 65.50 cents/lb; RGP offer up at 74.00 cents/lb
US ethylene for July traded flat compared with 65.50 cents/lb on Monday. Refinery-grade propylene (RGP) for June was offered at 74 cents/lb, up from a deal at 72 cents/lb on Tuesday.
For more pricing intelligence please visit www.icispricing.com
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