31 January 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $97.24/bbl, down 70 cents; Mar Brent: $114.67/bbl, down 23 cents
NYMEX WTI crude futures dipped on sentiment that recent gains had been overdone and that the market was ready for a correction. A rise in initial jobless claims dampened the underlying strength from an improving economy and rising demand expectations. WTI bottomed out at $96.84/bbl before rebounding.
RBOB: Feb: $3.0100/gal, down 2.87 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded lower but still remained above the $3/gal mark. RBOB futures have settled higher for the past 10 trading sessions, gaining more than 30 cents/gal since 16 January.
NATURAL GAS: Mar: $3.377/MMBtu, up 4.2 cents
A volatile morning session saw the front month contract fall several cents then rebound, boosted by cooler near-term weather predictions and a positive weekly gas report from the Energy Information Administration (EIA).
ETHANE: stable at 25 cents/gal
Ethane spot prices were stable in early trading as other energy commodities weakened.
AROMATICS: benzene down at $4.64-4.66/gal
Prompt benzene spot prices were discussed lower this morning, following a reported deal at $4.65/gal. The morning range was down from $4.71-4.82/gal FOB (free on board) the previous afternoon.
OLEFINS: Feb ethylene bid up at 64.50 cents/lb, PGP offer up at 77 cents/lb
US ethylene for February was bid up from 64 cents/lb on Wednesday against an offer at 68 cents/lb. Polymer-grade propylene (PGP) for February was offered up from a deal at 76 cents/lb the previous day.
For more pricing intelligence please visit www.icispricing.com
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