12 December 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $86.79/bbl, up $1.00; Jan Brent: $109.64/bbl, up $1.63
NYMEX WTI crude futures rose sharply along with various commodities, tracking a rally in the stock market on expectations of a fresh round of economic stimulus from the US Federal Reserve. The gains were kept in check by the weekly supply statistics from the Energy Information Administration (EIA) showing a contrary to forecasted build in crude stocks and much greater than expected build in gasoline and distillate inventories. WTI topped out at $87.16/bbl before retreating.
RBOB: Jan: $2.6505, up 4 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were higher during morning trading after the US Energy Information Administration (EIA) showed a gain in gasoline consumption last week.
NATURAL GAS: Jan: $3.374/MMBtu, down 3.8 cents
NYMEX natural gas futures were down for the fifth consecutive day as trade remained pessimistic on mild short term weather forecasts, as well as predictions by the US Energy Information Agency (EIA) in its latest short term energy outlook that US natural gas consumption would shrink by 0.4% through 2013, with production rising 0.5% over the same period.
ETHANE: stable at 22.50 cents/gal
Ethane spot prices were stable from the previous day, remaining at a historic low since ICIS began tracking the product nearly two years ago. News that Shell and Flint Hills Resources will soon be restarting crackers should boost demand in the near-term.
AROMATICS: benzene up at $5.10-5.20/gal
Prompt benzene spot prices were up again early in the day, following a volatile session on Tuesday. Spot prices were at $5.11-5.23/gal DDP (delivered, duty paid) on Tuesday morning, then ended the day at $5.07-5.15/gal FOB (free on board).
OLEFINS: ethylene bid down at 53.50 cents/lb, Jan RGP bid flat at 49.50 cents/lb
US ethylene for December was bid lower from deals on Tuesday against an offer at 55 cents/lb. Meanwhile, refinery-grade propylene (RGP) for December was bid flat 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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