09 April 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $101.42/bbl, down $1.89; May Brent: $121.60bbl, down $1.83
NYMEX WTI crude futures fell sharply in response to overnight reports that nuclear negotiations with Iran will be resumed in the near future, easing concerns about a shortage of oil supplies. The stock market also fell sharply, catching up with Friday’s data showing US non-farm jobs growing much-less-than-expected. WTI established an intra-day low of 101.25.
RBOB: May: $3.2577, down 8.28 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices dropped following the three-day Easter holiday weekend. US Department of Labor March jobs data released on Friday showed the US added the fewest jobs in five months, signalling a slowdown in US economic recovery.
NATURAL GAS: May: $2.085/MMBtu, down 0.4 cent
After a three-day weekend, the prompt month natural gas futures contract on the NYMEX was nearly flat by mid-day compared with Thursday’s closing. Forward months on the natural gas curve were indicating slight gains although tepid demand and long supply were against the upside.
ETHANE: Lower at 46.00-46.75 cents/gal
Mont Belvieu ethane prices slid lower as the energy futures complex dropped. The high percentage of ethane cracking capacity off line because of planned turnarounds has held ethane prices low, and prices are not expected to move higher until mid-May.
AROMATICS: benzene stable at $4.10-4.15/gal
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OLEFINS: ethylene offer higher at 76.75 cents/lb, RGP bid lower at 72.00 cents/lb
April ethylene was heard offered at 76.5-77.0 cents/lb on continued tight supply because of cracker outages, but trading remained thin on concerns of demand destruction. Refinery-grade propylene (RGP) bids and offers came down to 72.00 cents/lb, but no deals were heard.
For more pricing intelligence please visit www.icispricing.com
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