08 November 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $85.17/bbl, up 73 cents; Dec Brent: $107.02/bbl, up 20 cents
NYMEX WTI crude futures recouped some of the recent sharp losses on sentiment that the sell-off had been overdone. Some positive signs, such as a decline in jobless benefits and a jump in exports narrowing the deficit in September, provided support although the stock market gave back earlier gains. WTI topped out at $85.70/bbl before retreating.
RBOB: Dec: $2.5886, down 0.03 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices had little change as traders digested the build up of gasoline inventories last week. The increase of 2.9m bbl during Hurricane Sandy indicates that demand was much weaker than expected.
NATURAL GAS: Dec: 3.556/MMBtu, down 2.2 cents
NYMEX natural gas futures slid across the front month curve through Thursday morning trade despite the US Energy Information Agency (EIA) reporting a lower than expected injection into US. Record high stock levels and mild weather predictions for the winter left traders in a pessimistic mood.
AROMATICS: benzene down at $4.90-5.10/gal
US benzene spot prices were down early in the day. The morning spot range was down from $4.95-5.15/gal FOB (free on board) the previous session, following the recent drop in energy.
OLEFINS: ethylene offer up at 55.625 cents/lb, RGP bid flat at 50 cents/lb
US ethylene for November was offered up from a deal on Wednesday against a bid at 53 cents/lb. Refinery-grade propylene (RGP) for November was bid flat compared with the previous day.
For more pricing intelligence please visit www.icispricing.com
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