07 May 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $97.36/bbl, down $1.13; Jun Brent: $112.59/bbl, down 59 cents
NYMEX WTI crude futures extended recent losses, tracking weakness in global stock markets in response to election results in Greece and France, which could hurt austerity measures and efforts to contain the debt. Crude prices were still factoring in Friday’s disappointing US jobs data and OPEC producing over quota. Front month WTI plunged to $95.34/bbl before rebounding.
RBOB: Jun: $2.9615, down 1.43 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices continued to fall, moving below $3.00/gal. Concerns over gasoline supply disruptions have somewhat eased on news that two plants in Pennsylvania may be purchased. Furthermore, gasoline demand remains low ahead of the summer driving season.
NATURAL GAS: Jun: $2.313/MMBtu, up 3.4 cents
Henry Hub natural gas futures on the NYMEX were on the rise after a weak finish before the weekend. An abundance of supply and lacklustre demand has weighed heavily on gas futures trading, but warmer temperatures emerging for the west coast could provide an increase in cooling demand.
ETHANE: higher at 38.25-41.50 cents/gal
Mont Belvieu ethane’s trading range remained relatively stead with low prices last week posted on Friday. The prices moved slightly higher with 38.25 cents/gal as a low, up 0.25 cent/gal from the low price on Friday. A surplus of supply continues to push prices down.
AROMATICS: benzene down at $4.15-4.17/gal
Prompt benzene spot prices came down early in the day on the back of weaker crude. The morning range was down from $4.17-4.19/gal FOB (free on board) the previous session.
OLEFINS: ethylene down at 61 cents/lb, RGP offer flat at 60.00 cents/lb
US ethylene for May traded down from 63 cents/lb on Friday. Refinery-grade propylene (RGP) for May was offered flat at 60 cents/lb. RGP traded at 60 and 62 cents/lb last week.
For more pricing intelligence please visit www.icispricing.com
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