11 April 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $102.16/bbl, up $1.14; May Brent: $120.00/bbl, up 12 cents
NYMEX WTI crude futures rose following two consecutive down days despite a much greater than forecast build in crude stocks revealed by the weekly supply statistics from the Energy Information Administration (EIA). The EIA data also showed a much greater than expected drawdown in refined products. Stock markets corrected from recent losses and the euro rebounded, also helping support the energy complex. WTI topped out at $102.56/bbl before retreating.
RBOB: May: $3.2817, up 3.21 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices increased as inventories dropped for the eighth consecutive week, according to the EIA. Stockpiles for last week were at 217.6m bbl, 4.3m bbl lower than the week ended 30 March.
NATURAL GAS: May: $2.034/MMBtu, up 0.3 cent
Natural gas futures on the NYMEX were tracking wildly by mid-day, as demand for heating has slackened and inventories remain high. The May Henry Hub benchmark was treading just above $2.00/MMBtu in advance of the weekly US storage report, which is released every Thursday.
ETHANE: lower at 45.50-46.25 cents/gal
Mont Belvieu ethane prices continued to slowly move lower as April turnarounds at crackers begin. Ethane prices are expected to remain weak through the month.
AROMATICS: benzene up at $4.07-4.11/gal
Stronger crude prices drove benzene prices higher early in the day. The morning range was up from $4.05-4.10/gal FOB (free on board) the previous session.
OLEFINS: ethylene flat at 68 cents/lb, RGP offer up at 74 cents/lb
US ethylene for April traded flat with Tuesday, while refinery-grade propylene (RGP) for April was offered higher compared with a previous deal at 71.50 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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