15 June 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $83.71/bbl, down 20 cents; Aug Brent: $97.35/bbl, up 18 cents
NYMEX WTI crude futures drifted lower after rising overnight, factoring in OPEC’s decision to leave output quotas unchanged, which would mean cutting back current over-production. Overall trading volume was thin, with prices marking time while waiting for the result of Greece’s elections over the weekend and nuclear talks with Iran scheduled next week in Moscow.
RBOB: Jul: $2.6989, up 2.25 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices continued to increase as trading remained influenced by the US Energy Information Administration report for the week ended 8 June, which showed gasoline consumption is more than 5% higher week on week.
NATURAL GAS: Jul: $2.479/MMBtu, down 1.6 cents
Natural gas futures on the NYMEX reversed directions after Thursday’s 31-cent upward surge on early summer temperature outlooks that indicated cooling demand. A supply report on Thursday showed a smaller-than-expected build in storage.
ETHANE: higher 31.00-31.75 cents/gal
Mont Belvieu ethane trading was fairly active Friday morning, with few trades reported. On Thursday, trades moved higher as the day went on, with a high trade of 31.50 cents/gal. Friday activity appears to have picked up where Thursday left off. This is largely bargain buying from prices reaching near 10-year lows earlier in the week.
AROMATICS: benzene flat at $4.05-4.18/gal
Activity was thin in the US benzene market early in the day. As a result, spot prices were unchanged from the previous session.
OLEFINS: ethylene up at 41 cents/lb, RGP bid up at 37 cents/lb
US ethylene for June traded higher compared with Thursday on firmer feedstock costs. Refinery-grade propylene (RGP) was bid higher compared with a bid the previous day. RGP traded at 37.00 and 38 cents/lb earlier this week.
For more pricing intelligence please visit www.icispricing.com
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