19 December 2012 17:55 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $89.52/bbl, up $1.59; Feb Brent: $110.01/bbl, up $1.17
NYMEX WTI crude futures rose after Energy Information Administration data showed that US crude stocks fell by almost 1m barrels, as well as growing confidence that the US government will reach an agreement to avoid the fiscal cliff and shore up the US economy.
RBOB: Jan: $2.7264, up 3.55 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were supported by US Energy Information Administration (EIA) data, which showed an increase of 129,000 bbl/day in gasoline consumption to a rate of 8.618m bbl/day last week.
NATURAL GAS: Jan: $3.343MMBtu, down 7.5 cents
NYMEX natural gas futures fell through Wednesday morning trade, after overnight weather forecasts for central and western regions shifted to a warmer temperature outlook. Normal to above-normal temperatures are now expected across the eastern half of the country across the next two weeks.
ETHANE: higher at 25 cents/gal
Ethane spot prices were higher on stronger demand from the recent restart of several crackers.
AROMATICS: benzene wider at $5.20-5.32/gal
Prompt benzene spot prices were discussed within a wider range early in the day, as traders shifted to January delivery. The morning range saw January offers move higher as bids were stable, compared with yesterday’s December range of $5.20-5.25/gal FOB (fee on board).
OLEFINS: Dec ethylene bid up at 56.50 cents/lb, PGP up at 60.50 cents/lb
December ethylene was bid higher from a deal the previous day against an offer at 59 cents/lb. Polymer-grade propylene (PGP) for December traded up from 58.125 cents/lb earlier this week.
For more pricing intelligence please visit www.icispricing.com
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