01 August 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Sep WTI: $88.90/bbl, up 84 cents; Sep Brent: $106.12/bbl, up $1.20.
NYMEX WTI crude futures rose in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a substantial drawdown in crude stocks as well as a drawdown in refined products. WTI topped out at $89.20/bbl before retreating.
RBOB: Sep: $2.8271, up 5.28 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices gained on the first day of trading against September as the prompt month contract. Additionally, the US Energy Information Administration (EIA) weekly data showed a drop in gasoline and higher consumption for the week ended 27 July.
NATURAL GAS: Sep: $3.147/MMBtu, down 6.2 cents
Natural gas futures were sliding by mid-day as weather forecasts looked to moderate by the second half of August. Inventory levels brimming near capacity also were keeping a ceiling on prices.
AROMATICS: styrene flat at 70.75-71.25 cents/lb
Prompt styrene prices were unchanged early in the day, following news of Styrolution’s force majeure on its styrene business for August. Trade source have suggested that the force majeure may spur activity in the spot market.
OLEFINS: ethylene bid down at 47 cents/lb; RGP flat at 36.50 cents/lb
US ethylene for August was bid lower compared with a deal on Tuesday against an offer at 49.50 cents/lb. No refinery-grade propylene (RGP) bid/offers were heard. RGP remained assessed flat compared with a deal on Tuesday.
For more pricing intelligence please visit www.icispricing.com
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