25 June 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $78.29/bbl, down $1.47; Aug Brent: $89.96/bbl, down $1.02
NYMEX WTI crude futures fell on doubt that a European Union summit later in the week would help resolve the eurozone debt crisis. WTI topped out at $80.68 before falling.
RBOB: Jul: $2.5961, up 2.62 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices moved higher following the US Department of Commerce housing report, which showed sales of new single-family homes, an indicator of US economic recovery, shot up by 7.6% in May from April. Additionally, possible threats to US Gulf gasoline production from Tropical Storm Debby caused prices to climb.
NATURAL GAS: Jul: $2.700/MMBtu, up 7.5 cents
Natural gas futures on the NYMEX were pushing upward, given extended weather outlooks for above-average temperatures for the US east coast, prompting cooling demand. Traders also pushed up natural gas futures in expectation of Tropical Storm Debby, currently spotted near Florida.
ETHANE: lower at 28.00 cents/gal
Mont Belvieu ethane prices moved to start the week as the massive supply glut of natural gas liquids continues to pressure prices lower. In addition, lower ethylene prices have dampened buying from the chemical market, along with unplanned cracker outages. This was a new low against the recent price of 28.25 cents/gal, which was the lowest price in nearly 10 years.
AROMATICS: benzene up at $4.15-4.30/gal FOB
Prompt benzene spot prices were discussed higher to start the week. The morning range was up from $4.10-4.20/gal FOB (free on board) on Friday. Meanwhile, July DDP prices were at $3.95-4.10/gal DDP.
OLEFINS: ethylene bid up at 44.00 cents/lb, RGP flat at 37 cents/lb
June and July ethylene was bid higher this morning to start the week. The morning bid was up from bid levels at 43.50 cents/lb on Friday. Offer levels were not seen. Meanwhile, the refinery-grade propylene market was quiet.
For more pricing intelligence please visit www.icispricing.com
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