11 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $93.13/bbl, down 69 cents; Feb Brent: $110.11/bbl, down $1.78
NYMEX WTI crude futures were dragged down by a sell-off in Brent in response to rising North Sea Forties production. WTI also came off under pressure from reports of several cargos of European gasoline and gasoil moving trans-Atlantic towards New York harbour. WTI bottomed out at $92.65/bbl before running out of steam.
RBOB: Feb: $2.7307/gal, down 6.26 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) prices were at the lowest price since February began trading as the prompt month, as it traced a drop in crude futures. The drop in gasoline futures was also seen as a delayed reaction to the US Energy Information Administration (EIA) data, which showed a much larger-than-expected build in gasoline inventories last week.
NATURAL GAS: Feb: $3.284/MMBtu, up 9.1 cents
Natural gas futures on the NYMEX were continuing the rebound from Thursday’s closing as a result of a buoyant EIA stocks report that showed a greater-than-expected drop in inventory. Moderate winter temperatures have so far prevented the Henry Hub benchmark from climbing much further.
ETHANE: higher at 21.375 cents/gal
Ethane prices rebounded from Thursday’s all-time low but still remain under pressure from an oversupplied market.
AROMATICS: benzene down at $4.50-4.75/gal
Prompt benzene spot prices declined early in the day. The morning range was down from $4.70-4.76/gal FOB (free on board) from the previous afternoon.
OLEFINS: ethylene offer down at 65.50 cents/lb, PGP offer up at 72.25 cents/lb
US ethylene for January was offered lower, compared to a 66 cent/lb offer the previous day. The monomer was bid at 62.50 cents/lb. Meanwhile, polymer-grade propylene (PGP) for January was offered higher from a previous deal at 71.50 cents/lb on Wednesday. No PGP bids were heard.
For more pricing intelligence please visit www.icispricing.com
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