04 January 2013 18:04 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $92.54/bbl, down 38 cents; Feb Brent: $110.92/bbl, down $1.22
NYMEX WTI crude futures recouped early losses after the weekly supply statistics from the Energy Information Administration (EIA) showed oil inventories plunging by 11m bbl, mainly as a result of lower foreign imports in the last week of 2012. Distillate and gasoline inventories, however, rose by more than forecasted, countering the crude drawdown. WTI bottomed out at $91.52/bbl before rebounding.
RBOB: Feb: $2.7500/gal, down 4.77 cents/gal
Reformulated blendstock for oxygen blending (RBOB) futures fell after the EIA data showed a build-up of gasoline inventories last week. This is the fifth consecutive week gasoline inventories have gained.
NATURAL GAS: Feb: $3.254/MMBtu, up 5.6 cents
NYMEX natural gas futures broke a three-day losing sequence by jumping several cents through morning trade. Contracts reacted positively to the EIA’s latest gas storage report, which showed a larger-than-expected withdrawal from US gas inventories over the week ended 28 December.
ETHANE: higher at 23.00 cents/gal
Ethane spot prices rose in early trading as the restart of several crackers supported the rally.
AROMATICS: benzene down at $5.00-5.12/gal; styrene up at 75-76 cents/lb
Prompt benzene spot prices were discussed within a lower range early in the day. The January range was down from $5.07-5.13/gal FOB (free on board) the previous day. Meanwhile, styrene prices were discussed within a slightly higher range, compared with the previous range of 73.75-74.25 cents/lb FOB.
OLEFINS: ethylene bid flat at 59.50 cents/lb, PGP offer up at 69 cents/lb
US ethylene was bid flat compared with deals on Thursday against a 61 cent/lb offer. Meanwhile, polymer-grade propylene (PGP) for January was offered higher from a deal at 67.50 cents/lb the previous day. No bids were heard.
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