25 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $93.20/bbl, up 7 cents; Apr Brent: $114.65/bbl, up 55 cents
NYMEX WTI crude futures traded higher in response to the euro rising against the dollar, making dollar denominated commodities cheaper. The market also continued to correct higher from the aggressive sell-off during the previous week. WTI topped out at $94.46/bbl before running out of steam. They moved briefly into negative territory but maintained a slight upside bias.
RBOB: Mar: $3.0693/gal, down 1.03 cents/gal
Reformulated blendstock for oxygen blending (RBOB) futures dipped slightly in early trading, even as WTI and Brent crude futures were up.
NATURAL GAS: Mar: $3.378/MMBtu, up 8.7 cents
The front month on the NYMEX natural gas market began the week rising more than 2.5% based on improving demand fundamentals stemming from colder temperature predictions for the south and central US over the next two weeks.
ETHANE: higher at 26.75 cents/gal
Ethane spot prices were higher in early trading on Monday as several deals were done at this level.
AROMATICS: benzene wider at $4.68-4.75/gal
March benzene spot prices were discussed within a wider range early in the day as offers firmed and bids were stable, sources said. The range was up from $4.68-4.71/gal FOB (free on board) on Friday.
OLEFINS: Feb ethylene steady at 62 cents/lb; RGP steady at 62 cents/lb
February ethylene was steady, with the most recent deal at 62 cents/lb as no fresh bids or offers were heard amid talk that two crackers might have experienced plant issues during the weekend. Spot RGP was also steady, with its most recent deal at 62 cents/lb as no fresh bids or offers were heard.
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