15 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $93.74/bbl, down 40 cents; Feb Brent: $110.91/bbl, down 97 cents
NYMEX WTI crude futures drifted lower, tracking a soft stock market despite growing sentiment of a brighter global economic picture. Concerns regarding a battle in the US Congress over raising the debt ceiling also pressured various commodities.
RBOB: Feb: $2.7288/gal, down 2.53 cents/gal
Reformulated gasoline blendstock for oxygen blending (RBOB) futures retreated in early trading as global equity markets weakened and the US dollar firmed.
NATURAL GAS: Feb: $3.426/MMBtu, up 5.3 cents
NYMEX natural gas futures extended gains incurred across the previous three trading sessions in Tuesday morning trade with the front month up 1.5% at midday as colder temperature forecasts intensified near-term demand expectations.
ETHANE: stable at 21.75 cents/gal
Ethane spot prices were stable in early trading. Prices remained low on a lingering supply overhang.
AROMATICS: benzene wider at $4.60-4.75/gal
Prompt benzene spot prices moved to a wider range early in the day. Trade sources said the market was not moving clearly in one direction. The morning range moved further apart compared with $4.65-4.70/gal from the previous session.
OLEFINS: ethylene offer up at 67 cents/lb, PGP offer up at 73 cents/lb
US ethylene for January was offered up from deals done at 64.25-65.00 cents/lb on Monday against a 63.50 cent/lb bid. Polymer-grade propylene (PGP) for January was offered up from a deal done at 72.25 cents/lb on Monday with no bids.
For more pricing intelligence please visit www.icispricing.com
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