NOON SNAPSHOT - Americas Markets Summary

13 December 2012 18:00  [Source: ICIS news]

HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.

CRUDE: Jan WTI: $86.65/bbl, down 12 cents; Jan Brent: $108.78/bbl, down 72 cents
NYMEX WTI crude futures drifted lower but moved within a narrow range in search of near-term direction after factoring in recent events such as the US Federal Reserve’s announcement of further monetary stimulus. The market’s attention is now focused on government negotiators over the budget.

RBOB: Jan: $2.6390, down 0.75 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices trended lower during the morning, tracking the weakness in crude. RBOB futures also seemed to track the US Energy Information Administration (EIA) inventory data that showed a much larger-than-expected build in gasoline supplies last week.

NATURAL GAS: Jan: $3.344/MMBtu, down 3.8 cents
NYMEX natural gas futures fell further through Thursday morning trading on the back of the Energy Information Administration’s weekly gas storage report, which showed a fresh injection into US inventories for the week ended 7 December. Gas inventories sit now at 3.8 trillion cubic feet (tcf), well above the five year average for this time of year. 

ETHANE:  stable at 22.75 cents/gal
Ethane prices were stable in early trading on Thursday.

AROMATICS: styrene flat at 70.75-71.25 cents/lb
The prompt styrene market has seen little activity Thursday, and because of that, spot prices remain flat.

OLEFINS: Dec ethylene bid down at 53 cents/lb, Jan RGP bid flat at 49.50 cents/lb
US ethylene for December was bid lower from deals on Wednesday 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.

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By: Staff Reporter
+44 20 8652 3214

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