01 March 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $90.82/bbl, down $1.23; Apr Brent: $110.59/bbl, down 79 cents
NYMEX WTI crude futures fell sharply responding to overall market concerns regarding the imminent budget cuts and freezes in US government programmes as a result of the political stalemate in Washington. WTI bottomed out at $90.29/bbl before rebounding.
RBOB: Apr: $3.0990/gal, down 1.27 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures declined on the first day of April trading as the prompt-month contract as it attempted to close the gap with the expired February contract, which settled at $2.9146/gal on Thursday.
NATURAL GAS: Apr: $3.470/MMBtu, down 1.6 cents
Natural gas futures on the NYMEX for the Henry Hub benchmark were teetering by mid-day, after the front month pushed as high as $3.52/MMBtu before meeting resistance. Near term forecasts show colder temperatures for the US East coast, while longer term forecasts show a moderation in weather.
ETHANE: lower at 27.50 cents/gal
Ethane spot prices fell slightly below Thursday’s price of 27.63 cents/gal, on lower bids and offers and thin volume.
AROMATICS: benzene down at $4.51-4.64/gal
March benzene spot prices were discussed lower early in the day, following the drop in European benzene markets this morning. The morning range was down from $4.65-4.68/gal FOB (free on board) the previous day.
OLEFINS: Mar ethylene wider at 62-64 cents/lb, Mar RGP bid steady at 65 cents/lb
No deals for March ethylene were done, with bid/offer levels at 62-64 cents/lb. Deals for March ethylene earlier in the week were all done within this range. Bids for March refinery-grade propylene (RGP) were heard at 65 cents/lb, steady with bids heard the previous week, while no offers were heard.
For more pricing intelligence please visit www.icispricing.com
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