20 March 2013 17:06 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Apr WTI: $92.38/bbl, up 22 cents; May Brent: $107.98/bbl, up 53 cents
NYMEX WTI crude futures recovered a portion of Tuesday’s losses in response to the weekly supply statistics from the Energy Information Administration (EIA), showing an unexpected drawdown in crude oil inventories. The eurozone economic crisis involving Cyprus took a back seat as alternative solutions are expected. April WTI, which goes off the board at the end of the session, topped out at $93.13/bbl before retreating.
RBOB: Apr: $3.0432/gal, down 0.19 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were slightly lower during morning trading as the EIA storage report showed a drop in both gasoline consumption and inventories.
NATURAL GAS: Apr: $3.919/MMBtu, down 5 cents
The front month on the NYMEX natural gas market slid from yesterday’s 18-month high, falling for the first time in six sessions, as weather forecasts for early April began to turn milder, signalling the potential end of the winter heating demand season.
ETHANE: stable at 28.50 cents/gal
Ethane spot prices were stable in early trading, but bids were lower at 28.25 cents/gal, as natural gas futures weakened.
AROMATICS: benzene up at $4.19-4.30/gal
Prompt benzene spot prices were discussed within a higher range early in the day, sources said. Trade sources said the market was higher on the back of stronger benzene prices in Europe and Asia. The morning range was up from $4.16-4.20/gal the previous session.
OLEFINS: ethylene offered lower at 65.75, PGP steady at 65.5 cents/lb
Offer levels for March ethylene fell to 65.75 cents/lb from 66.00 cents/lb the previous day despite a cracker shutdown. Spot prices for polymer-grade propylene (PGP) were steady with a deal done the previous day at 65.5 cents/lb as no fresh bids or offers were heard.
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