27 November 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $87.69/bbl, down 5 cents; Jan Brent: $110.18/bbl, down 74 cents
NYMEX WTI crude futures drifted lower in cautious trading, reflecting the market’s concerns regarding the eurozone debt crisis and budget negotiations in the US. WTI bottomed out at $86.83/bbl before rebounding.
RBOB: Dec: $2.7283, up 0.20 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices had changed little ahead of the weekly US Energy Information Administration (EIA) data, which is expected to show a gain in gasoline inventories.
NATURAL GAS: Dee: 3.757/MMBtu, up 2.7 cents
The front month on the NYMEX natural gas market edged upwards through Tuesday trading, erasing a little of Monday’s 17 cent drop, as the market attempts to balance high near-term gas demand due to cold weather across the US east with lower longer term expectations stemming from milder weather forecasts for early-to-mid December.
ETHANE: lower at 27.25 cents/gal
Ethane spot prices hit their lowest level in over two years on Tuesday, as oversupply and static demand are keeping prices low.
AROMATICS: benzene bid up at $4.90/gal
There was little discussion for November benzene during the day. But many trade sources have already shifted to December activity. December benzene was bid higher early in the day, compared with prompt spot prices at $4.83-4.95/gal FOB (free on board) late on Monday.
OLEFINS: ethylene bid lower at 49 cents/lb, RGP bid higher at 49 cents/lb
US ethylene for December was bid down from deals done on Monday against an offer at 52.50 cents/lb. Refinery-grade propylene (RGP) for December was bid higher against an offer at 55.00 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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