22 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: $96.16/bbl, up 60 cents; Mar Brent: $112.21/bbl, up 50 cents
NYMEX WTI crude futures rose in choppy action ahead of contract expiration at the end of the session. Modest gains in the stock market provided underlying support. WTI topped out at $96.22/bbl before retreating.
RBOB: Feb: $2.8251/gal, up 2.83 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded higher, following the US holiday on 21 January. Higher crude prices also caused RBOB to climb.
NATURAL GAS: Feb: $3.541/MMBtu, down 2.5 cents
Natural gas futures for the Henry Hub benchmark were drifting slightly lower after a three-day trading weekend, which closed on a six-session rally on Friday as stronger demand was forecast on colder weather. Fluctuating temperatures may place a damper on the February front month, given the healthy inventory levels in place.
ETHANE: higher at 26.38 cents/gal
Ethane spot prices were driven up by ethane rejection, a process by which ethane is left in the natural gas stream.
AROMATICS: benzene wider at $4.95-5.03/gal
Prompt benzene spot prices were discussed within a slightly wider range this morning as offers moved higher. The morning range was wider from $4.95-5.01/gal FOB (free on board) on Friday. Trade sources said January-March benzene prices were at parity.
OLEFINS: ethylene offer up at 70 cents/lb, Feb PGP offer up at 77 cents/lb
US ethylene for January was offered up from deals done at 64.25-66.75 cents/lb last week against a 65 cent/lb bid. February polymer-grade propylene (PGP) was offered at 77 cents/lb with no bids. PGP for January traded last week at 72.25-74.00 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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