05 December 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday ?xml:namespace>
CRUDE: Jan WTI: $87.88/bbl, down 62 cents; Jan Brent: $108.94/bbl, down 90 cents
NYMEX WTI crude futures worked lower in response to the weekly supply statistics from the Energy Information Administration (EIA), showing a much greater than forecast build in gasoline and distillate inventories, overshadowing a much greater than expected drawdown in crude stocks. A turnaround in the stock market into positive territory and no signs of compromise in the political fiscal cliff drama also had an impact in the movement of oil prices.
RBOB: Jan: $2.6494, down 3.96 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices continued their decline after the US Energy Information Administration (EIA) report showed a larger-than-expected build up of gasoline inventories last week.
NATURAL GAS: Jan: $3.602/MMBtu, up 6.3 cents
Natural gas futures on the NYMEX were showing support from colder forecasts by mid-morning trading as an Arctic front was beginning to push south. The Henry Hub benchmark was showing a steady rally from the start of the session.
ETHANE: lower at 23.25 cents/gal
Ethane spot prices moved lower to another all-time low, as demand remains thin in an oversupplied market.
AROMATICS: benzene tighter at $5.02-5.15/gal
Morning discussions moved to within a tighter band compared with $5.00-5.15/gal DDP late on Tuesday, as bids were higher.
OLEFINS: ethylene bid lower at 50.625 cents/lb, RGP bid up at 48.75 cents/lb
US ethylene for December was bid lower from a deal on Tuesday against an offer at 51.625 cent/lb. Refinery-grade propylene (RGP) for December was bid up compared with 48 cents/lb on Monday. RGP for November traded last week at 49.00-49.50 cents/lb.
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