28 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: $78.64/bbl, down $1.57; Aug Brent: $92.09, down $1.41
NYMEX crude oil futures fell on Thursday on continuing concerns over the eurozone debt crisis, as well as analyst projections that OPEC exports, excluding Angola and Ecuador, would rise by 11,000 bbl/day in the four weeks to 14 July.
RBOB: July: $2.5983, down 2.21 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices continued to drop on poor jobs data and a lower-than-expected growth in US consumer spending. The US Department of Commerce said consumer spending increased at a 2.5% rate in first quarter 2012, rather than the previously reported 2.7% pace.
NATURAL GAS: Aug: $2.697/MMBtu, down 10.1 cents
Natural gas futures were falling by mid-day, following the release of weekly natural gas storage supply data from the US government that showed a 2% build in gas stockpiles, maintaining a 27% surplus over year-ago levels.
ETHANE: lower at 27.000-28.375 cents/gal
Mont Belvieu ethane prices dropped to a new low of 27.00 cents/gal, compared to the previous low hit last week of 27.75 cents/gal. Cracker outages and the low price of ethylene has stunted demand. In addition, the glut of ethane on the market that has forced selling holds prices low.
AROMATICS: benzene bid lower at $4.25/gal
US benzene activity was quiet early in the day with market participants focused on July contract discussions. July benzene was bid in the spot market at $4.25/gal FOB (free on board), down from Wednesday’s afternoon’s range of $4.35-4.75/gal FOB. There were no fresh offers in the morning.
OLEFINS: ethylene down at 42 cents/lb, RGP bid down at 34 cents/lb
US ethylene for June traded down from 46.50 cents/lb earlier this week as some US crackers resumed production after unplanned outages and scheduled maintenance. Refinery-grade propylene (RGP) was bid at 34 cents/lb with no offers. RGP traded earlier this week at 37 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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