14 June 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $83.22/bbl, up 60 cents; Jul Brent: $97.07/bbl, down 6 cents
NYMEX WTI crude futures gave back early losses in response to labour market data showing a rise in unemployment claims and moved into positive territory, tracking a rally in the stock market on hope that Greece will not exit the eurozone. Investor sentiment has resulted in quick market swings.
RBOB: Jul: $2.6665, up 1.11 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fluctuated throughout the morning but were higher mid-day. A Wednesday US Energy Information Administration report showed higher gasoline consumption last week, overshadowing the weekly jobless benefits claims report, which showed claims rose to 386,000 for the week ended 9 June.
NATURAL GAS: Jul: $2.383/MMBtu, up 19.8 cents
Natural gas futures were making a strong rebound following the release of the US government’s supply report that showed a smaller than expected build into stockpiles. This sent a dramatic signal to traders to boost July futures trading to its highest price since 6 June.
ETHANE: higher at 29.375-29.500 cents/gal
Mont Belvieu ethane prices rebounded after dropping to 28.25 cents/gal for the second time this year. A few weeks ago, when ethane reached a similar level, the prices also rebounded the next day on bargain buying.
AROMATICS: benzene tighter at $4.05-4.18/gal
Prompt benzene spot prices were discussed in a more narrow range early in the day as buyers and sellers came closer together. The morning range was tighter compared with $4.05-4.18/gal FOB (free on board).
OLEFINS: ethylene bid down at 39.125 cents/lb, RGP bid down at 36 cents/lb
US ethylene for June was bid lower compared with a deal on Wednesday. Refinery-grade propylene (RGP) for June was also bid lower with no offers. RGP traded at 37.00 and 37.50 cents/lb earlier this week.
For more pricing intelligence please visit www.icispricing.com
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