28 November 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.08/bbl, down $1.10 cents; Jan Brent: $108.78/bbl, down $1.09
NYMEX WTI crude futures fell on ongoing concerns about a looming budget crisis in the US, as well as a greater-than-expected build in gasoline inventories, which outweighed an unexpected drawdown in crude oil stocks.
RBOB: Dec: $2.6995, down 3.26 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices fell after the US Energy Information Administration (EIA) gasoline inventory report showed a larger than expected gain, while consumption decreased for the week ended 23 November.
NATURAL GAS: Dec: 3.637/MMBtu, down 13.2 cents
Natural gas futures contracts fell sharply through Wednesday morning trade on the NYMEX as overnight weather forecasts created further demand uncertainty. Early December temperature predictions for much of the country have been scaled upwards, with above to well-above average temperatures now anticipated across high-consumption regions of the US east and midwest regions over the next 5-10 days.
ETHANE: lower at 26.25 cents/gal
Ethane spot prices traded at a record low as oversupply and static demand continue to weigh on the market.
AROMATICS: benzene wider at $4.88-5.05/gal
Prompt benzene spot prices were discussed within a wider range early in the day. The morning range moved further apart compared with $4.97-5.03/gal FOB (free on board) late on Tuesday.
OLEFINS: ethylene bid lower at 51 cents/lb, RGP bid up at 49.50 cents/lb
US ethylene for November was bid lower compared with a deal done on Tuesday. The product was offered at 53.50 cents/lb. Refinery-grade propylene (RGP) for December was bid higher against an offer at 52.50 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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