13 June 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $83.35/bbl, up 3 cents; Jul Brent: $97.59/bbl, up 45 cents
NYMEX WTI crude futures rose in response to the weekly supply statistics from the Energy Information Administration (EIA), showing a drawdown in crude and refined products. The rally was eventually capped and prices retreated, tracking the stock market going negative.
RBOB: Jul: $2.6818, up 3.16 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose following EIA data, which showed gasoline consumption increased by 482,000 bbl/day to reach 9.130m bbl/day for the week ended 8 June.
NATURAL GAS: Jul: $2.215/MMBtu, down 1.7 cents
Jagged morning trading was taking place on the NYMEX for natural gas futures, as a small band of warmth was appearing for part of the upper Midwest, while cooler temperatures were dominating the rest of the country. The July front-month was just slightly gaining from the previous session.
ETHANE: lower at 28.25-29.50 cents/gal
Mont Belvieu ethane prices have continued to slide, reaching 28.25 cents/gal. Previously, when ethane traded that low, bargain buying caused prices to rebound, reaching 37.25 cents/gal the following week.
AROMATICS: Benzene down at $3.80-4.20/gal DDP
June benzene early in the day was discussed lower as supply positions were getting filled. The morning range was down from $4.05-4.25/gal FOB (free on board) the previous day.
OLEFINS: ethylene offer flat at 40.875 cents/lb, RGP bid down at 36.50 cents/lb
US ethylene for June was offered flat compared with a deal done on Tuesday. No bids were heard. Refinery-grade propylene (RGP) was bid lower compared with deals done at 37.00 and 37.50 cents/lb earlier this week. No offers were heard.
For more pricing intelligence please visit www.icispricing.com
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