23 May 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $90.44/bbl, down $1.41; Jul Brent: $106.29bbl, down $2.12.
NYMEX WTI crude futures fell sharply tracking a sell-off in the stock market and the euro falling sharply against the dollar on concerns that Greece may exit the eurozone. A build in crude stocks for the ninth consecutive week revealed by the weekly supply statistics from the Energy Information Administration (EIA) also pressured WTI.
RBOB: June: $2.8854, down 5.16 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell following the release of EIA statistics that showed gasoline consumption dropped by 338,000 bbl/day for the week ended 18 May.
NATURAL GAS: June: $2.724/MMbtu, up 1.7 cents
The NYMEX natural gas futures market turned away from the losses in equities and crude oil and continued to rebound from Monday's losses on the back of prospective cooling demand.
ETHANE: lower at 38.25-41.50 cents/gal
The price range for Mont Belvieu ethane dropped, but held within the range of the past few weeks. Lower demand for ethane because of three major cracker turnarounds in the US Gulf has kept prices low.
AROMATICS: benzene down at $3.93-4.02/gal
Prompt benzene spot prices were discussed lower early in the day, as crude prices came down following a government reported build in domestic stockpiles. The morning benzene range was down from $4.07-4.10/gal FOB (free on board) late Tuesday afternoon.
OLEFINS: ethylene bid flat at 51.50 cents/lb, RGP bid up at 45 cents/lb
US ethylene for May was bid flat compared with Tuesday, while ethylene for third-quarter delivery traded at 49.50 cents/lb. Refinery-grade propylene (RGP) was bid higher at 45 cents/lb against a 46 cent/lb offer.
For more pricing intelligence please visit www.icispricing.com
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