12 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $97.48/bbl, up 45 cents; Mar Brent: $118.24/bbl, up 11 cents
NYMEX WTI crude futures extended recent gains, tracking a modest rally in the stock market and the euro rising against the dollar. Crude prices also received support from both OPEC and the US Energy Information Administration’s (EIA) increasing of the global energy demand outlook in response to a string of positive economic indicators. WTI topped out at $97.79/bbl before retreating.
RBOB: Mar: $3.0254/gal, up 0.42 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were slightly higher in the morning trading, but an injection of fresh supplies from Europe will likely relieve a tight supply situation.
NATURAL GAS: Mar: $3.293/MMBtu, up 1.4 cents
Natural gas futures were ticking up slightly, keeping the Henry Hub benchmark price relatively stable after Monday’s settlement increase of less than a penny. Forecasts show above-normal temperatures in the near term and above-normal warmth for the US northeast in the later period.
ETHANE: higher at 25.00 cents/gal
Ethane spot prices were higher in early trading, based on bids and offers in the market.
AROMATICS: benzene wider at $4.78-4.85/gal
Activity was thin early in the day for US benzene. February bids were thin to start the day, while offers were up slightly. As a result, the morning range was wider compared with $4.78-4.82/gal FOB (free on board) the previous session.
OLEFINS: Feb ethylene offer flat at 65 cents/lb; RGP down at 71.50 cents/lb
February ethylene was offered flat with the previous day with no bids, while refinery-grade propylene (RGP) traded down from 72.50 cents/lb on Monday.
For more pricing intelligence please visit www.icispricing.com
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