13 November 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $85.13/bbl, down 44 cents; Dec Brent: $107.74/bbl, down $1.33 NYMEX WTI crude futures drifted lower led by a sell-off in Brent the refined products despite a rally in the stock market. A report by the International Energy Agency (IEA) trimmed the estimated global oil demand for the fourth quarter and 2013. WTI bottomed out at $84.57/bbl before rebounding.
RBOB: Dec: $2.6622, down 1.41 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices trended lower during morning trading as refining capacity in the northeast slowly rebounds after Hurricane Sandy. Concerns of diminishing gasoline demand also pushed prices downward.
NATURAL GAS: Dec: $3.730/MMBtu, up 16 cents.
Natural gas futures surged higher by nearly 4.5% through Tuesday morning trading on the expectation that short-term colder than normal temperatures across much of the US east coast would lead to the first significant withdrawal of the winter heating season from inventories, currently at an all-time high.
ETHANE: lower at 29.25 cents/gal
Ethane spot prices were slightly lower in early trading, on overall weakness in crude and strong supplies.
AROMATICS: benzene down at $4.60-4.90/gal
Prompt benzene prices discussions were down early Tuesday on a DDP (delivered, duty, paid) basis. The morning range was below late Monday’s band of $4.85-4.98/gal FOB (free on board).
OLEFINS: ethylene done lower at 53.25cents/lb, RGP tighter at 50.25-52.00 cents/lb
US November ethylene was done at 53.25 cents/lb, lower from the previous week’s lone deal at 55.00 cents/lb, tracking weaker demand. Bids for November refinery-grade propylene (RGP) moved higher by 0.25 cents/lb, while offers were steady.
For more pricing intelligence please visit www.icispricing.com
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