30 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $97.69/bbl, up 12 cents; Mar Brent: $114.67/bbl, up 31 cents
NYMEX WTI crude futures were mixed but with a slight upside bias in response to the weekly supply statistics from the US Energy Information Administration (EIA), which showed a substantial build in crude oil inventories but a drawdown in gasoline and distillate stocks. The stock market worked lower as a result of released economic data showing the US growth domestic product (GDP) contracting in the fourth quarter, also capping the upside momentum in crude oil prices.
RBOB: Feb: $3.0305/gal, up 5.71 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded above the $3/gal mark as the EIA report showed a drop of 1m bbl in gasoline inventories and a gain of 70,000 bbl/day in consumption for the week ended 25 January.
NATURAL GAS: Mar: $3.330/MMBtu, up 7.2 cents
The March contract began its tenure as the front month on the NYMEX natural gas market by rising through Wednesday morning trading on the back of a colder near-term weather forecast for the Midwest, which increases winter heating demand expectations.
ETHANE: higher at 25.25 cents/gal
Ethane spot prices rose in early trading, following crude and other energy commodities.
AROMATICS: benzene flat at $4.74-4.80/gal
Prompt benzene for February was flat from the end of the day on Tuesday at $4.74-4.80/gal FOB. That range was up from $4.73-4.78/gal FOB on Monday.
OLEFINS: Feb ethylene bid down at 64 cents/lb, PGP offer up at 77.50 cents/lb
US ethylene for February was bid down from deals done at 65.25 and 66.00 cents/lb on Tuesday against an offer at 66.50 cents/lb. Polymer-grade propylene (PGP) for February was offered up from a deal done at 76 cents/lb on Friday.
For more pricing intelligence please visit www.icispricing.com
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