20 November 2012 18:04 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.25/bbl, down by $3.03; Jan Brent: $109.08/bbl, down by $2.62
NYMEX WTI crude futures fell sharply, shedding the previous session’s gains, after reports circulated that Israel and Palestinian Hamas had agreed to a ceasefire. The market also responded to the dollar rising against a basket of currencies. WTI bottomed out at $86.17/bbl before rebounding.
RBOB: Dec: $2.6915/gal, down by 6.30 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell in early trading, correcting the previous day’s rally as supplies in the New York Harbor (NYH) region have improved dramatically since Hurricane Sandy.
NATURAL GAS: Dec: $3.785/MMBtu, up by 6.6 cents
The front-month contract on the NYMEX natural gas market was trading higher through Tuesday morning in anticipation of tomorrow’s weekly gas storage report from the Energy Information Administration (EIA). The report is expected to show a second consecutive withdrawal from US inventories over the week ended 16 November. Forecasts for late November temperatures also turned colder overnight, boosting near-term demand expectations.
ETHANE: lower at 29.00 cents/gal
Ethane spot prices were lower in an oversupplied market.
AROMATICS: benzene down at $4.80-$4.90/gal
Prompt benzene spot prices were down from the previous session on lowering crude oil prices.
OLEFINS: Dec ethylene flat at 50.625 cents/lb; RGP bid flat at 48 cents/lb
US ethylene for December traded at 50.50 and 50.75 cents/lb, flat with a December deal done at 50.625 cents/lb the previous day. Refinery-grade propylene (RGP) remained bid flat at 48 cents/lb, while an offer was heard at 52 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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