21 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: $92.23/bbl, up 75 cents; Jul Brent: $108.33/bbl, up $1.19
NYMEX WTI crude futures realised some gains on Monday on the back of a weak dollar and hopes for increased stimulus for the Chinese economy. The increase has been limited by lingering concerns about Greece’s potential exit from the euro. Brent was up more than $1.00/bbl on Monday.
RBOB: Jun: $2.9199, up 3.04 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose as the Chicago Federal national index, which combines 85 economic indicators, was 0.11 in April compared with -0.44 in March. This eased some concerns that the US economic growth is slowing.
NATURAL GAS: Jun: $2.659/MMBtu, down 8.3 cents
The June natural gas futures market on the NYMEX was correcting part of Friday’s steep 15-cent rally, although warmer temperature outlooks were expected for the eastern part of the country for the next few weeks. Hotter temperatures could bring on spikes in cooling demand, which could further support the futures price.
ETHANE: higher at 43.50-44.50 cents/gal
Mont Belvieu ethane prices moved higher in tandem with the NYMEX energy commodities. Volumes for ethane trading appear to be thin. Three main crackers continue turnaround, and a fractionator was restarting.
AROMATICS: Benzene flat at $3.80-3.84/gal.
May benzene was flat early Monday, as most traders are focusing on June and July prices instead of May.
OLEFINS: ethylene bid down at 50.25 cents/lb, RGP offer flat at 47 cents/lb
US ethylene for May was bid lower compared with Friday, while refinery-grade propylene (RGP) remained offered at 47 cents/lb against a 44 cent/lb bid.
For more pricing intelligence please visit www.icispricing.com
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