21 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $93.14/bbl, down $2.08; Apr Brent: $113.95/bbl, down $1.65
NYMEX WTI crude futures fell sharply for the second consecutive session, tracking a weak stock market in response to negative economic data from the US and from the eurozone. A much-greater-than-forecast drawdown in crude stocks revealed by the weekly supply statistics from the Energy Information Administration (EIA) also pressured crude prices but were kept in check by the EIA data showing distillate and gasoline stocks drawing more than expected. WTI bottomed out at $92.63/bbl before rebounding.
RBOB: Mar: $3.00391/gal, down 2.04 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline during morning trading despite the EIA report, which showed a slight build-up in gasoline demand and a drop in inventories.
NATURAL GAS: March: $3.290/MMBtu, up 1.1 cents
Natural gas futures on the NYMEX were slightly above flat as the latest EIA storage withdrawal figure arrived, largely in line with trader expectations. US gas stocks for the week ended 15 February were lower by 127 billion cubic feet (bcf), or about 3.6 billion cubic metres, which was slightly less than the previous weeks’ drawdown.
ETHANE: stable at 26.00 cents/gal
Ethane spot prices were stable on Thursday morning as several deals were done at this price.
AROMATICS: styrene stable at 77.75-78.25 cents/lb
US styrene spot prices remained unchanged at 77.75-78.25 cents/lb FOB amid thin market activity.
OLEFINS: Feb ethylene offer up at 63.50 cents/lb; PGP flat at 65.375-66.250 cents/lb
February ethylene was offered higher from a deal at 62 cents/lb on Tuesday, but no bids were heard. Polymer-grade propylene (PGP) was assessed flat with deals done at 65.375-66.250 cents/lb the previous day.
For more pricing intelligence please visit www.icispricing.com
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