09 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $92.96/bbl, down 19 cents; Feb Brent: $111.46/bbl, down 48 cents
NYMEX WTI crude futures drifted lower in response to the weekly supply statistics from the Energy Information Administration (EIA). The report showed a build in crude stocks in line with expectations but a much-greater-than-forecasted build in gasoline and distillate inventories. The dip was kept in check by a rally in the stock market. WTI bottomed out at $92.68/bbl before rebounding.
RBOB: Feb: $2.7682/gal, down 2.62 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices dropped after the EIA report showed a build of 7.4m bbl in gasoline inventories to 233.1m bbl for the week ended 4 January. Lower consumption rates also weakened RBOB futures trading.
NATURAL GAS: Feb: $3.107/MMBtu, down 11.1 cents
NYMEX natural gas futures fell by a further 3.4% through Wednesday morning, extending losses registered across the early part of the week on warming weather forecasts, record storage levels and high production levels.
ETHANE: lower at 21.5 cents/gal
Ethane prices drifted even lower in early trading as over supply continues to push prices down.
AROMATICS: benzene down at $4.62-4.80/gal
Prompt benzene spot prices continued to look for a floor early in the day. January discussions were down compared with $4.80-4.90/gal FOB (free on board) from the previous session.
OLEFINS: ethylene up at 64.75 cents/lb, PGP bid flat at 70 cents/lb
US ethylene for January traded up from deals done at 63.50-63.75 cents/lb on Tuesday, while polymer-grade propylene (PGP) for January was bid on the high end of deals done at 69-70 cents/lb the previous day.
For more pricing intelligence please visit www.icispricing.com
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