NOON SNAPSHOT - Americas Markets Summary

29 November 2012 18:00  [Source: ICIS news]

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

CRUDE: Jan WTI: $87.82/bbl, up $1.33; Jan Brent: $110.47/bbl, up 96 cents
NYMEX WTI crude futures rose more than $1 on continued optimism on a US budget deal, as well as ongoing tensions in the Middle East.

RBOB: Dec: $2.7605, up 2.66 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices rose as a lift in outside market sentiment and hopes that the US can avoid falling off the fiscal cliff supported futures trading.

NATURAL GAS: Jan: $3.691/MMBtu, down 11 cents
Natural gas futures on the NYMEX sank by more than dime by midday trading on the first day of the January contract as the front month, as the weekly US supply report has shown a slight injection into the storage levels, even in the midst of the peak winter season. This indicator of long supply has pulled down support on the Henry Hub benchmark.

ETHANE: higher at 26.375 cents/gal
Ethane spot prices were slightly higher in early trading. However, demand could wane following news that Shell and Chevron Phillips Chemical were shutting ethane crackers for maintenance.

AROMATICS: benzene lower at $4.88-4.98/gal FOB
Prompt benzene spot prices fell by 2 cents/gal from the previous day’s close in early morning bids and offers, but no deals were confirmed. Benzene on a DDP basis was heard at $4.89-5.00/gal.

OLEFINS: Dec ethylene bid flat 51.125 cents/lb, RGP bid down at 49 cents/lb
US ethylene for December was bid on the low end of deals done on Wednesday against an offer at 52 cents/lb. Refinery-grade propylene (RGP) was bid lower compared with a deal done at 49.50 cents/lb the previous day. No offers were heard.

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By: Staff Reporter
+44 20 8652 3214

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