07 March 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $105.90/bbl, up $1.20; Apr Brent: $123.79/bbl, up $1.81/bbl
NYMEX WTI crude futures rose sharply, recouping the previous session’s losses, in response to data showing higher–than–expected employment in the private sector and China’s plans to raise energy imports during 2012. The upside momentum occurred despite the weekly EIA statistics that showed a build in crude inventories.
RBOB: April: $3.2713, up 4.14 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose as weekly US EIA data showed gasoline inventories dropped by 400,000 bbl for the week ended 2 March. This is the third consecutive week that gasoline inventories have decreased.
NATURAL GAS: April: $2.301/MMBtu, down 5.5 cents
Henry Hub natural gas futures on the NYMEX trended down as the futures darted below $2.30/MMBtu and pushed off of a floor at $2.285/MMBtu. Warm temperature outlooks and oversupply were pulling the April prompt month lower.
ETHANE: higher at 52.25-53.00 cents/gal
Mont Belvieu ethane prices moved slightly higher, back to the range on 2 March. Ethane demand remains low on a heavy ethylene turnaround season, keeping prices down.
AROMATICS: Benzene down at $4.07-4.14/gal
Prompt benzene spot prices were discussed lower following the recent drawback in crude futures alongside weaker demand. The morning range was down from $4.10-4.15/gal FOB (free on board) from late Tuesday.
OLEFINS: ethylene offer up at 69 cents/lb; RGP offer up at 71 cents/lb
US ethylene for March was offered higher compared with a deal at 68.50 cents/lb on Tuesday. Refinery-grade propylene (RGP) for April was offered up at 71 cents/lb with no bids. RGP for March traded last week at 68 and 69 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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