25 March 2013 17:27 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $94.16/bbl, up 45 cents; May Brent: $107.50/bbl, down 16 cents
NYMEX WTI crude futures rose sharply in response to a reached bailout deal for Cyprus, which should not affect the rest of the eurozone countries. The upside momentum also triggered technical buy stops, lifting May crude up to $95.65/bbl before the rally was viewed as a selling opportunity.
RBOB: Apr: $3.0585/gal, down 0.4 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded higher during morning hours but began to decline midday despite higher crude trading.
NATURAL GAS: Apr: $3.971/MMBtu, up 4.4 cents
The front month on the NYMEX natural gas market bounced back towards the 18-month high reached last week through Monday morning trading on continued forecasts for colder-than-usual weather this week, which is expected to lead to further large withdrawals from US inventories.
ETHANE: higher at 29 cents/gal
Ethane spot prices were slightly up on higher offers in the market.
AROMATICS: benzene flat at $4.28-4.35/gal
Benzene prices were flat as many trade participants were away from the market for an industry function.
OLEFINS: ethylene offered at 64.5 cents/lb, PGP at 61.50-62.25 cents/lb
No bids were heard for March ethylene, but offers were at 64.5 cents/lb from 65.0 cents/lb last week. March polymer-grade propylene (PGP) bid/offer levels were at 61.50-62.25 cents/lb, compared to two deals the previous day at 63.75 last week.
For more pricing intelligence please visit www.icispricing.com
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