16 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: $94.19/bbl, up 91 cents; Feb Brent: $110.50/bbl, up 20 cents
NYMEX WTI crude futures rose sharply in response to the weekly supply statistics from the Energy Information Administration (EIA), showing a contrary-to-forecasted drawdown in crude stocks. A build in refined products was below expectations, also providing support. WTI topped out at $94.36/bbl before retreating.
RBOB: Feb: $2.7242/gal, up 1.76 cents/gal
Reformulated blendstock for oxygen blending (RBOB) futures traded higher, despite the EIA data showing a build-up of gasoline inventories for the seventh consecutive week. A gain of 309,000 bbl/day to 8.320m bbl/day caused the increase in future trading.
NATURAL GAS: Feb: $3.411/MMBtu, down 4.4 cents
Natural gas futures on the NYMEX were edging lower after a recent streak of rallies on cold weather as forecasts were showing a rapid change to warmer temperatures for parts of the US, particularly the south.
ETHANE: higher at 23.00 cents/gal
Ethane spot prices rose in early trading on Wednesday as demand picked up.
AROMATICS: benzene up at $4.72-4.80/gal
January benzene spot prices continued its upward trend early in the day. The morning range was up from $4.69-4.73/gal FOB (free on board) the previous afternoon.
OLEFINS: ethylene up at 65.25 cents/lb, PGP offer up at 75 cents/lb
US ethylene for January traded up from deals done at 64.75-65.00 cents/lb on Tuesday. Polymer-grade propylene (PGP) for January was offered up from a deal done at 72.875 cents/lb on Tuesday with no bids.
For more pricing intelligence please visit www.icispricing.com
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