20 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Mar WTI: $94.52/bbl, down $2.14; Apr Brent: $115.86/bbl, down $1.66
NYMEX WTI crude futures fell sharply on reports that Saudi Arabia will raise crude oil output in the second quarter in order to satisfy rising global demand. Downside momentum eventually triggered technical sell stops across the energy complex. The March WTI contract expires at the end of the session. WTI bottomed out at $93.92/bbl before rebounding.
RBOB: Mar: $3.0648/gal, down 5.64 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline during morning trading as the recent surge in prices could cause a drop in gasoline demand.
NATURAL GAS: Mar: $3.274/MMBtu, up 0.2 cents/MMBtu
The front month contract on the NYMEX natural gas market remained relatively flat from the previous day’s close at noon on Wednesday, after a volatile morning trading session through which it jumped up several cents before falling back in the late morning. Fluctuating weather forecasts continue to make predictions for near-term demand uncertain, partially explaining the morning’s volatility.
ETHANE: higher at 26.25 cents/gal
Ethane spot prices were higher in early trading, decoupling from other energy commodities.
AROMATICS: Benzene flat at $4.68-4.73/gal
US benzene activity was thin early this morning. February benzene prices were unchanged from the previous afternoon. Many trade sources were starting to shift to March benzene discussions.
OLEFINS: Feb ethylene bid down at 60.50 cents/lb; PGP offer up at 67 cents/lb
Ethylene for February was bid down from a deal at 62 cents/lb on Tuesday with no offers. February PGP was offered up from 66.50 cents/lb the previous day with no bids.
For more pricing intelligence please visit www.icispricing.com
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