NOON SNAPSHOT - Americas Markets Summary

15 December 2011 18:00  [Source: ICIS news]

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

CRUDE: Jan WTI: $94.16/bbl, down 79 cents; Jan Brent: $105.60/bbl, up 58 cents
NYMEX WTI crude futures extended recent losses on persistent eurozone debt worries despite a rebound in the stock market in response to upbeat jobless claims data. Brent experienced some short covering on contract expiration day. WTI bottomed out at $93.87/bbl before rebounding.

RBOB: Jan: $2.5156/gal, up 1.19 cents
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose following the release of the US jobless claims report. The US government showed data that new filings for jobless benefits decreased to the lowest level since May 2008, which signals labour market recovery and more demand for gasoline.

NATURAL GAS: Jan: $3.159/MMBtu, up 2.3 cents 
Prompt natural gas futures on the NYMEX were trading on a slight gain after a US government storage report showed stockpiles fell by 102bn cubic feet (bcf), indicating heating-related demand that has been delayed by mild temperatures in November and early December.

ETHANE: lower at 78.25-78.75 cents/gal
Mont Belvieu ethane prices were lower, tracking a more volatile crude oil market.

AROMATICS: Benzene down at $3.34-3.43/gal
Prompt benzene spot levels moved slightly down as the crude market came off on eurozone concerns. The morning range was down from $3.35-3.45/gal FOB (free on board) the previous session.

OLEFINS: Ethylene tighter at 50.00-51.25 cents/lb, Refinery-grade propylene flat at 39 cents/lb.
Ethylene bid/offers moved to within a tighter range on Thursday morning, compared with 50.00-53.50 cents/lb the previous session. Ethylene last traded on Wednesday at 50.50 cents/lb. Meanwhile, the refinery-grade propylene market was quiet, with no change from the previous day.

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By: Staff Reporter
+44 20 8652 3214

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