06 February 2013 18:00 [Source: ICIS news]
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CRUDE: Mar WTI: $96.91/bbl, up 27 cents; Mar Brent: $116.97/bbl, up 45 cents
NYMEX WTI crude futures reversed direction and worked higher after falling sharply in response to weekly supply statistics from the Energy Information Administration (EIA) showing a build in crude and gasoline but a drawdown in distillate inventories. The market has been showing a preference for the upside and rebounded after hitting an intra-day low of $95.04/bbl.
RBOB: Mar: $3.0275/gal, down 0.99 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded lower after the EIA report showed a build-up of gasoline inventories and a drop in consumption.
NATURAL GAS Mar: $3.440/MMBtu, up 4.1 cents
NYMEX natural gas futures extended recent gains into a third day, boosted by the prospect of high heating demand this week on the back of colder-than-average temperatures across northern US before the onset of warmer conditions tapers demand next week.
ETHANE: lower at 26.00-26.25 cents/gal
Ethane spot prices were slightly lower after gaining more than 2 cents/gal on Tuesday.
AROMATICS: benzene up at $4.75-4.85/gal
Prompt February benzene spot prices were discussed higher this morning, compared with $4.73-4.78/gal FOB (free on board) the previous afternoon. March prices were also at parity with February during the day.
OLEFINS: ethylene stable at 63.5 cents/lb, RGP bid lower at 70 cents/lb
US ethylene for February was heard done at 63.500 cents/lb, stable from a deal done the previous day at the same price, while bids and offers moved to a half-cent around the price. February refinery-grade propylene (RGP) was heard bid at 70 cents/lb with no offers.
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