11 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $96.60/bbl, up 88 cents; Mar Brent: $118.32/bbl, down 58 cents
NYMEX WTI crude futures rose sharply in thin volume after an earlier dip was viewed as a buying opportunity, despite weakness in the stock market and in refined products. The negative Brent-WTI trans-Atlantic arb narrowed substantially as Brent lost ground on eurozone economic concerns. WTI established an intra-day high of $96.95/bbl after bottoming out at $94.97/bbl.
RBOB: Mar: $3.0368/gal, down 2.20 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices retreated on Monday as demand thinned in the northeast due to the winter storm.
NATURAL GAS Mar: $3.251/MMBtu, down 2.1 cents
The front month on the NYMEX natural gas started the week with a slight decline due to a worsening near-term demand outlook as weather forecasts continued to predict normal or warmer-than-usual weather for most of the US for the next two weeks.
ETHANE: stable at 24.50 cents/gal
Ethane spot prices were stable in early trading as other energy commodities were weaker.
AROMATICS: benzene wider at $4.75-4.90/gal
Prompt benzene was discussed within a wide range early in the day. Bids were flat from late Friday, while offers firmed from $4.81/gal FOB (free on board).
OLEFINS: March ethylene wider at 59-65 cents/lb, Feb RGP steady at 73.5 cents/lb
No bids or offers were heard for February ethylene, while March bid/offer levels widened compared with deals done the previous week at 62.00-62.25 cents/lb. No bids or offers were heard for February pipeline refinery-grade propylene (RGP), but railcar RGP was heard at 68.5-71.0 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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