11 October 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday ?xml:namespace>
CRUDE: Nov WTI: $92.08/bbl, up 83 cents; Nov Brent: $115.28/bbl, up 95 cents
NYMEX WTI crude futures rose in response to the tensions in the Middle East but trimmed the gains following the release of the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater than forecast build in crude inventories. A much greater than expected drawdown in distillate inventories ahead of winter was noted and kept the losses in check but gasoline demand remained weak. WTI topped out at $92.94/bbl before retreating.
RBOB: Nov: $2.9487/gal, down 1.06 cents
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were trading lower midday after the EIA gasoline report showed a drop in both consumption and inventories for the week ended 5 October.
NATURAL GAS: Nov: $3.599/MMBtu, up 12.4 cents
The front month on the NYMEX natural gas market jumped by 3.5% across Thursday morning trading, boosted by nuclear capacity outages across the northeast and the EIA reporting a lower than expected injection rate for US inventories.
ETHANE: higher at 31.50 cents/gal
Ethane spot prices rose slightly on a reported deal. Bids and offers were talked in the range of 31.250-31.625 cents/gal.
AROMATICS: benzene flat at $4.65-4.90/gal
Benzene prices were unchanged. Trading participants were out of the market for an industry function.
OLEFINS: ethylene steady at 55.500-56.125 cents/lb; RGP steady at 42-45 cents/lb
October ethylene was steady after two deals were done the previous day at 55.000-56125 cents/lb, but were trending lower. No deals for October refinery-grade propylene (RGP) were heard, but bid/offer levels held firm.
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