16 November 2012 18:31 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $86.49/bbl, up by $1.04; Jan Brent: $108.45/bbl, up by 44 cents
NYMEX WTI crude futures rose on short covering ahead of the December contract going off the board at the end of the session. The market also received support from gains in Wall Street following a congressional meeting with the president on debt negotiations which were described as being constructive. A fire at an offshore oil and gas platform in the Gulf of Mexico also contributed to the rally.
RBOB: Dec: $2.6944, down by 0.18 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices had little change midday, but were trading lower as weakness in outside markets appeared to be the primary focus on trading.
NATURAL GAS: Dec: 3.749/MMBtu, up by 4.6 cents
NYMEX natural gas futures rose through Friday morning trade, as traders shrugged off yesterday's 5 cent decline, despite a shift upwards in near-term temperature predictions and the continuation of record-high storage levels
ETHANE: stable at 29.50 cents/gal
Ethane prices were stable in early trading on Friday in a very quiet market.
AROMATICS: benzene up at $4.70-4.82/gal
Prompt benzene spot prices were higher early in the day. The morning range was up from $4.65-4.73/gal FOB (free on board) late Thursday. Benzene spot levels were up on the back of stronger crude and higher benzene prices overseas.
OLEFINS: ethylene tighter at 50.500-51.625 cents/lb, RGP bid lower at 48 cents/lb
Bids for November ethylene rose to 50.5 cents/lb from 49.5 cents/lb the previous day. Offers were heard at 51.625 cents/lb, down from 53.750 cents/lb the previous day. Bids for refinery-grade propylene (RGP) fell to 48 cents/lb from 50 cents/lb the previous day, with no offers heard.
For more pricing intelligence please visit www.icispricing.com
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