29 August 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday ?xml:namespace>
CRUDE: Oct WTI: $94.99/bbl, down $1.34; Oct Brent: $112.36/bbl, down 22 cents
NYMEX WTI crude futures fell sharply as Hurricane Isaac appeared to have spared much of the energy infrastructure along its path. Prices also responded to the weekly supply statistics from the Energy Information Administration (EIA) showing a contrary-to-forecast build in crude inventories. WTI bottomed out at $94.76/bbl before rebounding.
RBOB: Sept $3.0967/gal, down 2.94 cents
Reformulated gasoline blendstock for oxygen blending (RBOB) prices continued to fall as the impact from Hurricane Isaac on the US Gulf energy infrastructure was less than expected. Additionally, many market players have switched focus to the October contract, which is trading at a discount of nearly 19 cents/gal.
NATURAL GAS: Sept: $2.624/MMBtu, up 1.0 cent
The September natural gas futures price on the NYMEX was preparing to expire by the end of the session and edged up higher by mid-day as traders covered short positions. Long supply fundamentals have kept the front-month price at five-month lows, as traders shrugged off hurricane-related production shut-ins in the US Gulf.
ETHANE: higher 31.00 cents/gal
Ethane prices rose from Tuesday’s range of 30.00-30.65 cents/gal, as trading activity picked up.
AROMATICS: Benzene down at $4.10-4.25/gal
Prompt benzene spot levels were weaker as trade sources cited ample inventory and weaker demand. The morning range was down from $4.25-4.30/gal FOB (free on board) the previous session.
OLEFINS: ethylene bid flat at 59.25 cents/lb, RGP bid up at 37.50 cents/lb
August ethylene was bid flat with a deal on Tuesday, while September traded up to 60 cents/lb. Refinery-grade propylene (RGP) was bid higher but no offers were heard.
For more pricing intelligence please visit www.icispricing.com
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