03 May 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $102.97/bbl, down $2.25/bbl; Jun Brent: $116.40/bbl, down $1.80/bbl
NYMEX WTI crude futures continued the previous day’s decline early this morning, falling more than $2/bbl. The drop comes after OPEC's secretary general said the group was currently producing about 2.3m bbl/day in excess of its target of 30m bbl/day in an effort to cap prices.
RBOB: Jun: $3.0655 down 1.02 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell over concerns about weakening demand. Government statistics released on Wednesday showed demand was 5.8% lower for the week ended 27 April compared with the same time period in 2011.
NATURAL GAS: Jun: $2.368/MMBtu, up 11.5 cents
Natural gas futures on the NYMEX for June rebounded by mid-day, as traders shrugged off an anticipated build in inventories and looked toward cooler forecasts stretching from the northeast to the southwest US. The US government’s supply report indicated a slight drop in the producing region, which could indicate an increase in gas demand as coal is displaced for power generation, given the cheaper availability of gas.
ETHANE: lower at 40.25-42.00 cents/gal
Mont Belvieu ethane trades continue on a downward slide as a result of a horde of market sellers. The recent restart of US Gulf crackers has not lifted demand enough to offset the heavy sales market.
AROMATICS: Benzene down at $4.18-4.24/gal
Prompt benzene spot prices were weaker early in the day, following the drop in crude. The morning range was down from $4.21-4.25/gal FOB (free on board) the previous session.
OLEFINS: ethylene up at 63.25 cents/lb, RGP offer up at 61.00 cents/lb
US ethylene for May traded up compared with deals on Wednesday. Refinery-grade propylene (RGP) for May was offered at 61 cents/lb, up from a deal at 60 cents/lb on Wednesday, with no bids.
For more pricing intelligence please visit www.icispricing.com
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