NOON SNAPSHOT - Americas Markets Summary

21 November 2012 17:57  [Source: ICIS news]

HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: Jan WTI: $86.49/bbl, down 26 cents; Jan Brent: $109.83/bbl, unchanged
NYMEX WTI crude futures moved into negative territory during a volatile session that saw prices rise initially in response to the weekly supply statistics from the Energy Information Administration (EIA). The report showed a drawdown in crude and refined products. The rally was capped and prices drifted lower following the announcement that a ceasefire had been agreed between Israel and Hamas.

RBOB: Dec: $2.7185/gal, up 0.60 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were up slightly in early trading as the EIA showed a drawdown in gasoline supplies for the week ending 16 November.

NATURAL GAS: Dec: 3.838/MMBtu, up 0.60 cents
The front month on the NYMEX natural gas market edged upwards by a little over a half penny through Wednesday morning trade in anticipation of the EIA’s latest weekly gas storage report for the week ended 17 November, which is expected to show a second consecutive withdrawal from US inventories.

ETHANE: lower at 28.50 cents/gal.
Ethane spot prices were lower in early trading as supply remains long.

AROMATICS: benzene flat at $4.80-$4.90/gal
Prompt benzene spot prices for November delivery were up from $4.78-4.86/gal FOB (free on board) the previous session on crude supply concerns stemming from the continuing unrest in the Middle East.

OLEFINS: Dec ethylene bid lower at 50 cents/lb, RGP bid flat at 48 cents/lb
US ethylene for December was bid lower compared with deals on Tuesday against an offer at 52 cents/lb. Refinery-grade propylene (RGP) for November remained bid flat, while an offer for December was heard at 51.75 cents/lb. RGP for November and December traded at 50.50 cents/lb earlier this week.

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By: Staff Reporter
+44 20 8652 3214

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