NOON SNAPSHOT - Americas Markets Summary

30 January 2012 18:00  [Source: ICIS news]

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

CRUDE: Mar WTI: $99.30/bbl, down 26 cents; Mar Brent: $111.11/bbl, down 35 cents
NYMEX WTI crude futures were rebounding in the US, after slumping to a low of $98.50/bbl earlier in the morning because of a stronger US dollar and after Iranian lawmakers postponed a debate over cutting off oil supplies to the EU.

RBOB: Feb: $2.8807, down 4.61 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices dropped from Friday’s gains on news that an Iranian parliamentary vote to immediately suspend crude exports to the EU did not move forward, which eased fears over oil supply disruptions. Additionally, concern over gasoline demand grew after data showed the US economy grew less than expected during the fourth quarter, pushing prices lower. 

NATURAL GAS: March: $2.761/MMBtu, up 0.5 cent 
The first day of NYMEX trading of the March natural gas futures contract took over as the prompt month, with traders’ attempting to stay in positive territory as colder temperatures were taking hold of the east coast and southeast US. Trading was up by half a penny by mid-day.

ETHANE: lower at 56 cents/gal
Mont Belvieu ethane prices dropped on news that Shell shut down its Deer Park cracker in Texas, as well as Dow Chemical’s turnaround on a cracker at its St Charles plant in Louisiana, resulting in less ethane demand. Lower crude oil prices also influenced ethane.

AROMATICS: benzene stable at $4.19-4.25/gal
There were no fresh trades. Benzene activity was thin with prices steady at $4.19-4.25/gal.

OLEFINS: ethylene bid down at 61 cents/lb; RGP offer up at 66 cents/lb
US ethylene for February was bid lower compared with a deal on Friday. No offers were heard. Refinery-grade propylene (RGP) for February was offered higher with no bids. February RGP traded on Thursday at 64.00 cents/lb.

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By: Staff Reporter
+44 20 8652 3214

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