NOON SNAPSHOT - Americas Markets Summary

14 January 2013 18:00  [Source: ICIS news]

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

CRUDE: Feb WTI: $93.36/bbl, down 20 cents; Feb Brent: $110.87/bbl, up 23 cents
NYMEX WTI crude futures drifted lower but traded within a narrow range, lacking overall direction as the stock market and the dollar index bounced around. Sentiment that Republicans in the US Congress may be willing to allow the country to default on the debt pressured the financial markets.

RBOB: Feb: $2.7426/gal, up 0.31 cent/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) gasoline prices traded slightly higher during morning as support came from several refinery glitches over the weekend. However, Friday’s report of new shipments of gasoline from Europe into the New York Harbor capped any further gains.

NATURAL GAS: Feb: $3.383/MMBtu, up 5.6 cents
NYMEX natural gas futures began the week rising several cents across the forward contract curve, boosted by cooling weather forecasts for east coast and Midwest high consumption regions beyond the coming five-day period.

ETHANE: higher at 22.25 cents/gal
Ethane spot prices rebounded on Monday from all-time lows last week, but prices are still weak due to oversupply.

AROMATICS: benzene offered up at $4.75/gal
Prompt benzene spot prices were offered higher early in the day. The offer levels were up from the previous afternoon range of $4.65-4.70/gal FOB (free on board).

OLEFINS: ethylene up at 64.75 cents/lb, PGP offer up at 73.75 cents/lb
US ethylene for January traded up from a deal at 64.25 cents/lb on Friday. Polymer-grade propylene (PGP) for January was offered up from a deal at 72 cents/lb on Friday with no bids.

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By: Staff Reporter
+44 20 8652 3214

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