21 June 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $79.75/bbl, down $1.70; Aug Brent: $90.85/bbl, down $1.84
NYMEX WTI crude futures fell to an 18-month low in response to disappointing global economic data and signs that the US labour market is struggling, which combined are dragging the US economy down. Technical selling also added to the downside momentum after the $80-barrier was penetrated. On the first session as spot month, August WTI bottomed out at $79.25/bbl before attempting to rebound.
RBOB: Jul: $2.5805, down 0.97 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices extended Wednesday’s losses as trading remained influenced by the US Energy Information Administration’s (EIA) gasoline consumption report, which showed a drop of 437,000 bbl/day for the week ended 15 June.
NATURAL GAS: Jul $2.604/MMBtu, up 8.7 cents
Natural gas futures on the NYMEX rose early on Thursday, ahead of the EIA’s weekly storage report. Analysts expect an injection of 64bn cubic feet, much less than the 90bn cubic feet stored last year at this time. The storage report is a primary gauge of price direction for natural gas. Last week’s smaller-than-expected build sent futures soaring.
ETHANE: lower at 29.00-30.00 cents/gal
Mont Belvieu ethane prices traded lower as the supply glut of ethane and other natural gas liquids, along with storage capacity running low, continues to burden the market. In addition, lower ethylene prices have led to a decrease in demand.
AROMATICS: Benzene bid at $4.00/gal and $4.05/gal
Prompt June benzene bids were heard at $4.00/gal FOB (free on board) and DDP (duty delivered paid) and $4.05/gal early in the day. Offer levels were thin. Bid/offers were at $4.00-4.15/gal FOB the previous session. Meanwhile, July benzene was discussed at $3.85-3.95/gal DDP and $4.05-4.20/gal FOB.
OLEFINS: ethylene up at 43.50 cents/lb, RGP bid flat at 37 cents/lb
US ethylene for June traded higher on support from outages and continued maintenance at US crackers. Refinery-grade propylene (RGP) was bid flat compared with the previous day. No offers were heard. RGP traded at 37.00 and 38 cents/lb last week.
For more pricing intelligence please visit www.icispricing.com
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections