06 December 2012 17:54 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.12/bbl, down $1.76; Jan Brent: $107.14/bbl, down $1.67
NYMEX WTI crude futures extended recent losses as the euro fell against the dollar in response to a poor economic outlook for the eurozone. The refined products also pressured the crude complex, extending the losses from the previous day in response to high inventories. A decline in US claims for unemployment benefits had limited impact in the stock market. WTI bottomed out at $85.77/bbl before attempting to rebound.
RBOB: Jan: $2.6034, down 3.44 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices traded at a six-week low during morning hours as prices remained under pressure from Wednesday’s Energy Information Administration (EIA) inventory report, which showed a larger-than-expected build of 7.8m bbl in gasoline stockpiles for the week ended 30 November.
NATURAL GAS: Jan: $3.711/MMBtu, up 1.1 cent
Natural gas futures were showing near flat levels as the Henry Hub index took a nosedive of more than 12 cents, as traders were adjusting to the release of the US Energy Information Administration (EIA) latest storage report. A 73 billion cubic feet (bcf) withdrawal in stocks showed a moderate dent from winter heating demand.
ETHANE: lower at 23.25 cents/gal
Ethane spot prices were lower in early trading, hitting yet another all-time low. Sources say prices are getting close to a bottom, but not just yet. Oversupply and the shutdown of two large ethane crackers for maintenance have lent support to the low prices.
AROMATICS: styrene up at 70.75-71.25 cents/lb
Prompt styrene spot prices were discussed slightly higher this morning, following a reported deal at 71 cents/lb FOB. The deal was slightly up from the previous day’s range of 70-71 cents/lb FOB.
OLEFINS: ethylene up at 52.375 cents/lb, RGP bid up at 49 cents/lb
US ethylene for December traded up compared with deals done at 50.750 cents/lb on Tuesday. Refinery-grade propylene (RGP) for December was bid up compared with the previous day. 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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