17 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Feb WTI: $95.29/bbl, up $1.05; Mar Brent: $110.42/bbl, up 74 cents
NYMEX WTI crude futures extended recent gains, tracking a rally in the stock market in response to upbeat economic data showing a decline in jobless claims and a rise in housing starts. The hostage situation at an Algerian gas plant underscored geopolitical concerns and also provided support. WTI topped out at $95.71/bbl before the rally slowed down though showing signs of working higher.
RBOB: Feb: $2.7486/gal, up 2.72 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline prices continued to climb as it tracked higher crude oil futures and jobless benefits claims that fell to the lowest level in five years. Positive job data means demand for commodities, such as retail gasoline, could increase.
NATURAL GAS: Feb: $3.479/MMBtu, up 4.4 cents
NYMEX natural gas futures extended their winning streak into a sixth day on the back of positive consumption data in the Energy Information Agency’s (EIA) latest weekly gas storage report, which showed a withdrawal of 149bn cubic feet from US inventories for the week ended 11 January.
ETHANE: higher at 23.50 cents/gal
Ethane spot prices were higher, tracking stronger crude and other energy commodities.
AROMATICS: benzene up at $4.85-4.97/gal
Prompt benzene spot prices were discussed at $4.85-4.97/gal DDP/FOB early in the day. The morning range was up from $4.83-4.86/gal FOB the previous afternoon.
OLEFINS: ethylene offer up at 66 cents/lb, PGP up at 74.50 cents/lb
US ethylene for January was offered up from deals done at 65.25 cents/lb on Wednesday against a 64 cent/lb bid. Polymer-grade propylene (PGP) for January was offered higher from deals done at 74 cents/lb the previous day. No bids were heard.
For more pricing intelligence please visit www.icispricing.com
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