07 November 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $85.12/bbl, down $3.59; Dec Brent: $107.75/bbl, down $3.32
NYMEX WTI crude futures fell sharply in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a build in crude, gasoline and distillate inventories. A sell-off in the stock market and the dollar shifting higher against the euro also pressured the energy complex.
RBOB: Dec: $2.6288, down 7.01 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices traded lower throughout the morning as the US Energy Information Administration (EIA) said gasoline consumption fell by 537,000 bbl/day while inventories gained 2.9m bbl to 202.4m bbl for the week ended 2 November.
NATURAL GAS: Dec: $3.581/MMBtu down 3.6 cents
The front month on the NYMEX natural gas market fell through Wednesday morning trading on predictions of milder than usual weather across much of the coming winter coupled with concerns over record high inventory levels.
ETHANE: lower at 30.5 cents/gal
Ethane spot prices were lower in early trading, following the trend of other energy commodities.
AROMATICS: benzene down at $5.00-5.25/gal FOB
Prompt benzene spot prices were discussed lower early in the day, as crude levels came off. The morning range was down from $5.10-5.25/gal FOB (free on board) the previous session.
OLEFINS: ethylene up at 55 cents/lb, RGP bid up at 50 cents/lb
US ethylene for November traded up compared with previous deals done at 54.375 cents/lb and 54.500 cents/lb late last week. Refinery-grade propylene (RGP) was bid slightly higher compared with a bid the previous day.
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