19 November 2012 17:55 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $89.54/bbl, up by $2.62; Jan Brent: $111.73/bbl, up by $2.78
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market on rising expectations that the US Congress and the White House can reach a compromise on taxes and spending cuts. The market also rose in response to the escalating tensions in the Middle East. WTI topped out at $89.62/bbl before retreating.
RBOB: Dec: $2.7530/gal, up by 4.29 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) futures were higher in early trading, following stronger crude values and the expectation that demand will increase going into the US Thanksgiving holiday.
NATURAL GAS: Dec: $3.800/MMBtu, up by 1 cent/MMBtu
Gas futures on the NYMEX natural gas market edged upwards through Monday morning trading, despite weather forecasts giving little optimism for near-term demand with normal to above-normal temperatures predicted for most of the country over the next five days. Meanwhile, record inventory levels and nuclear power outages will continue to influence trader’s price assessments.
ETHANE: higher at 29.50 cents/gal
Ethane spot prices were up on higher offers as other energy commodities were trending upward.
AROMATICS: benzene up at $4.85-$4.95/gal
Prompt benzene spot prices moved higher in the day. The morning range was $4.80-4.95/gal FOB (free on board). Benzene spot levels were up on the back of stronger crude prices driven by tensions in the mideast.
OLEFINS: ethylene offer up at 52 cents/lb; RGP bid flat at 48 cents/lb
US ethylene for November was offered higher compared with Friday, while a bid was heard at 50.75 cents/lb. Refinery-grade propylene (RGP) for November was bid flat at 48 cents/lb, while December material was offered at 52 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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