04 May 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $98.48/bbl, down $4.06; Jun Brent: $112.65/bbl, down $3.43
NYMEX WTI crude futures plunged, tracking a steep sell-off in the stock market in response to a weaker-than-expected jobs report while the euro fell against the dollar on European economic concerns. Technical support barriers were penetrated across the energy complex triggering sell stops. WTI bottomed out at $97.83/bbl before rebounding.
RBOB: Jun: $2.9573, down 9.27 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell further following a disappointing jobs data report, which showed the US added much fewer jobs than expected in April. Employment numbers have a significant impact on gasoline prices as lower employment means fewer people are driving.
NATURAL GAS: Jun: $2.296/MMBtu, down 4.4 cents
Natural gas futures were sliding by mid-day as higher-than-normal inventory levels persist to hang over the market. The supply report released on Thursday showed a smaller than expected surplus, which carried the day’s rally, but traders were back to constrained expectations on any upward momentum.
ETHANE: lower at 38.00-40.50 cents/gal
Mont Belvieu ethane prices continue to drop on oversupply from increased production of natural gas liquids. Shale production has increased the flow of ethane and flooded the markets.
AROMATICS: benzene down at $4.15-4.17/gal
Prompt benzene spot prices were weaker early in the day on downward pressure from the crude market. The morning range was down from $4.18-4.24/gal FOB the previous session.
OLEFINS: ethylene down at 63 cents/lb, RGP offer down at 60.00 cents/lb
US ethylene for May traded down compared with a deal at 63.25 cents/lb on Thursday. Refinery-grade propylene (RGP) for May was offered lower at 60 cents/lb with no bids. RGP traded at 60 and 62 cents/lb earlier this week.
For more pricing intelligence please visit www.icispricing.com
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