14 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: $86.35/bbl, up 97 cents; Dec Brent: $109.79/bbl, up $1.53
NYMEX WTI crude futures rose sharply in response to the dollar weakening against the euro ahead of a US Federal Reserve’s committee meeting. The crude rally was kept in check by the political standoff regarding spending cuts and tax hikes. WTI topped out at $86.58/bbl before retreating.
RBOB: Dec: $2.6823, up 2.85 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices traded higher mid-day ahead of weekly US Energy Information Administration (EIA) data, which is expected to show a drop in gasoline inventories.
NATURAL GAS: Dec: $3.814/MMBtu, up 7.5 cents
Natural gas futures continued this week’s rally with a 2% jump through Wednesday morning trading as colder weather across the east coast boosted gas demand fundamentals. The front month contract has risen by 8.8% since the start of the week thanks to a combination of lower-than-average temperatures and nuclear capacity outages.
ETHANE: higher at 30.25 cents/gal
Ethane spot prices were higher in early trading on Wednesday, as bids and offers were heard at 30.00-30.50 cents/gal. Prices rose on the strength of natural gas futures.
AROMATICS: benzene down at $4.70-4.90/gal
Prompt benzene price discussions have been volatile this week. Early morning discussions were down by midday, compared with $4.85-4.95/gal FOB (free on board), late Tuesday.
OLEFINS: ethylene steady at 53.25 cents/lb, RGP bid at 50.5 cents/lb
US November ethylene was done at 53.25 cents/lb, flat with the previous day’s deal, as demand remains soft. Bids for refinery-grade propylene (RGP) were heard at 50.5 cents/lb, with no offers heard, compared with a deal done the previous day at 50.5 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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