28 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: $92.49/bbl, down 27 cents; Apr Brent: $112.25/bbl, up 38 cents
NYMEX WTI crude futures drifted lower despite a modest rally in the stock market in response to released data showing a decline in US jobless benefits. The crude complex continued to factor in the build in crude oil inventories revealed by Wednesday’s Energy Information Administration (EIA) stats.
RBOB: Mar: $2.8942/gal, up 3.77 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rebounded slightly as the US Department of Labor said claims for unemployment benefits fell for the first time in three weeks. Positive jobs data means demand for commodities such as retail gasoline could increase.
NATURAL GAS: Apr: $3.468/MMBtu, up 3.4 cents
The front month contract on the NYMEX natural gas market rose through morning trading, boosted by the EIA’s latest weekly gas storage report, which showed a larger-than-expected inventory decline over the week ended 22 February.
ETHANE: higher at 27.25 cents/gal
Ethane spot prices rose in early trading on end-of-month buying in a tight market.
AROMATICS: benzene wider at $4.57-4.69/gal
Prompt benzene spot prices moved to within a wider range early in the day. The morning range was wider compared with $4.58-4.62/gal FOB (free on board) the previous session.
OLEFINS: ethylene done higher at 62.75 cents/lb; RGP bid lower at 67 cents/lb
February ethylene was traded at 62.75 cents/lb on Thursday, higher than two deals done the previous day at 62.50 cents/lb. No deals for February refinery-grade propylene (RGP) were heard, but bids fell to 67 cents/lb from 68 cents/lb a day earlier.
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