15 June 2011 22:39 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s end of day Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $94.81/bbl, down $4.56; Jul Brent: $117.10/bbl, down $3.06
NYMEX WTI crude futures plunged in response to a rally in the dollar and a sell-off in the stock market, triggering a round of length liquidation. WTI bottomed out at $94.01/bbl before recouping some of the losses.
RBOB: July: $2.9235/gal, down 14.11 cents
Reformulated gasoline blendstock for oxygenated blending (RBOB) futures fell 4.6% from its two-week high on fuel demand worries amid civil strife and the unstable economy in Greece. This over shadowed the Energy Information Administration’s report showing that last week’s gasoline inventory gains were less than expected.
NATURAL GAS: July: $4.577/MMBtu, down 0.4 cents
The July contract was relegated to a tight 6.5-cent range but was choppy within it before finishing flat. The stock market as well as other energy commodities nosedived but $4.50/MMBtu has proven to be a solid support level as the natural gas market anticipates a narrow storage build in Thursday’s government report.
AROMATICS: Benzene down at $3.69-3.70/gal
US June benzene discussions were weakened in the afternoon, sources said. The range was down from the previous day's range of $3.77-3.80/gal FOB (free on board), as crude futures came down nearly $5/bbl.
OLEFINS: July ethylene flat at 65.50 cents/lb; RGP offer flat at 72.00 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 72 cents/lb in line with a deal on Tuesday.
For more pricing intelligence please visit www.icispricing.com
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