27 February 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $93.12/bbl, up 49 cents; Apr Brent: $112.65/bbl, down 6 cents
NYMEX WTI crude futures tracked a rally in the stock market and the euro bouncing off recent lows. A build in crude and distillate inventories and a jump in refinery runs revealed by the weekly supply statistics from the Energy Information Administration (EIA) kept the gains in check. WTI topped out at $93.37/bbl before retreating.
RBOB: Mar: $2.9315/gal, down 5.01 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline despite the EIA report showing a drop in gasoline inventories and a rise in consumption rates.
NATURAL GAS: Apr: $3.535/MMBtu, up 7.9 cents
The April contract began its tenure as the front month on the NYMEX natural gas market by rising nearly 2.3% through morning trading, boosted by cooling weather forecasts and on-going nuclear power plant outages across the south and west.
ETHANE: higher at 26.75 cents/gal
Ethane spot prices were slightly higher in early trading as crude and natural gas futures were up.
AROMATICS: benzene wider at $4.60-4.70/gal
March benzene spot prices were discussed within a wider range early in the day, with bids lowers and offers unchanged. The morning range was slightly wider from $4.62-4.70/gal FOB (free on board) the previous session.
OLEFINS: ethylene wider at 62.00-64.25 cents/lb; PGP offered higher at 73 cents/lb
Bids and offers for February ethylene widened to 62.00-64.25 cents/lb compared with deals done the previous day at 62.50 and 63.00 cents/lb. Polymer-grade propylene (PGP) for February was offered at 73 cents/lb, higher than a deal done the previous day at 70 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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