16 May 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $93.10/bbl, down 88 cents; Jun Brent: $111.66/bbl, down 58 cents
NYMEX WTI crude futures extended recent losses but bounced off intra-day lows in response to the weekly supply statistics from the Energy Information Administration (EIA). The statistics showed a much greater than forecast build in crude stocks but a substantial drawdown in refined products. A weaker euro against the dollar on eurozone debt worries continued to pressure commodities. WTI bottomed out at $91.81/bbl before rebounding.
RBOB: Jun: $2.9483/gal, up 0.42 cent
Reformulated gasoline blendstock for oxygen blending (RBOB) futures rose on increased consumption and a fall in inventories, as reported by the EIA. Pressure from crude oil has tempered prices for RBOB.
NATURAL GAS: Jun: $2.580/MMBtu, up 8 cents
Natural gas futures on the NYMEX were gaining by mid-day, following a surge this month that has lifted the Henry Hub benchmark, with Tuesday’s settlement up by almost 12 cents from a week-ago prices. Demand for natural gas has been on the rise given the switch from coal used by power generators.
ETHANE: lower at 41.500-42.125 cents/gal
Mont Belvieu ethane prices slid lower following two consecutive days of consistent pricing for ethane. Prices, though, remain above the 40-cent/gal mark.
AROMATICS: benzene down at $3.80-3.85/gal
Prompt benzene discussions were down early in the day as crude prices continue to pressure the markets lower. The morning range was down from $3.82-3.89/gal FOB (free on board) the previous session.
OLEFINS: ethylene offer down at 54 cents/lb, RGP offer down at 48 cents/lb
US ethylene for May was offered lower compared with Tuesday, but no bids were heard. Refinery-grade propylene (RGP) for May was also offered lower with no bids. RGP was last heard traded at 48.50 cents/lb on Friday.
For more pricing intelligence please visit www.icispricing.com
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