11 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: $85.70/bbl, up 14 cents; Jan Brent: $107.74/bbl, up 41 cents
NYMEX WTI crude futures drifted higher trading within a narrow range in response to a rally in the stock market and the euro shifting higher against the dollar. The market will be keeping an eye on this week’s OPEC meeting, which is expected to leave production quotas unchanged.
RBOB: Jan: $2.6074, up 0.93 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were slightly higher during midday trading but did not make significant gains as gasoline stockpiles are expected to have another large weekly gain of 3m bbl in the US Energy Information Administration (EIA) inventory report to be released on Wednesday.
NATURAL GAS: Jan: $3.461/MMBTu up 0.01 cent
The front month contract on the NYMEX natural gas market remained relatively flat on the previous day’s close, despite a volatile morning session that saw prices fall by as much as 6 cents. Mild weather forecasts for the US east coast and midwest over the coming weeks continue to create low demand fundamentals.
ETHANE: higher at 23.00 cents/gal
Ethane prices rose slightly on a confirmed deal in early trading on Tuesday. However, prices still remain near all-time lows as a result of abundant supply.
AROMATICS: benzene up at $5.11-5.23/gal
Prompt benzene spot prices continued to move higher early in the day on the back of tight supply. The morning range was up from $5.05-5.12/gal FOB (free on board) late on Monday.
OLEFINS: ethylene up at 54.25 cents/lb, Jan RGP bid up at 49.50 cents/lb
US ethylene for December traded up from Monday, while refinery-grade propylene (RGP) for December was bid higher compared with the previous day. No offers were heard. RGP for December traded at 49 cents/lb last week.
For more pricing intelligence please visit www.icispricing.com
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