04 December 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $88.45/bbl, down 64 cents; Jan Brent: $109.58/bbl, down $1.34 NYMEX WTI crude futures worked lower but bounced off intra-day lows after the stock market recovered some lost ground and the euro rose against the dollar. Some constructive eurozone debt news propped up the euro, but Wall Street and commodity investors continued to show concern about US budget negotiations and the “fiscal cliff” drama. WTI sold down to $87.57/bbl before rebounding.
RBOB: Jan: $2.6910, down 3.55 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices traded lower during morning hours, primarily on weakness in crude oil. The market was also influenced by a potential build of more than 1m bbl in gasoline inventories in this week’s Energy Information Administration (EIA) report to be released on Wednesday.
NATURAL GAS: Dec: Jan $3.550/MMBtu, down 4.1 cents
The front month on the NYMEX natural gas market edged down over 1% through Tuesday morning trading on continuing light demand expectations due to milder weather predictions for high consumption regions.
ETHANE: lower at 24 cents/gal
Ethane spot prices fell, hitting another all-time low during morning trading as inventories remain at historic high levels.
AROMATICS: benzene up at $5.00-5.10/gal
Prompt benzene prices discussions moved higher in the morning. The December range was for DDP (duty, delivered paid) and above price $4.95-5.05/gal FOB (free on board) the previous afternoon. FOB discussions were thin, but trade sources said FOB prices were above DDP prices.
OLEFINS: ethylene flat at 50.75 cents/lb, RGP offer flat at 52.50 cents/lb
US ethylene for December traded on the low end of deals done at 50.625-51.750 cents/lb last week. Refinery-grade propylene (RGP) for December was offered flat with no bids. RGP for November traded last week at 49.00-49.50 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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