28 March 2013 17:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $96.79/bbl, up 21 cents/bbl May Brent: $109.37/bbl, down 32 cents/bbl
NYMEX WTI crude futures were up in early trading, despite a rise in US jobless claims. However, the rally was supported by data that showed the US economy expanded more than the government estimated in the fourth quarter of 2012.
RBOB: Apr: $3.0900/gal, down 2.55 cents/gal
Reformulated blendstock for oxygen blending (RBOB) futures retreated in early trading, giving back a portion of the gains made on Wednesday.
NATURAL GAS: May: $4.049/MMBtu, down 1.9 cents
The front month on the NYMEX natural gas market edged lower through Thursday morning despite the Energy Information Administration (EIA) reporting a larger than usual withdrawal from US stocks over the week ended 22 March. Traders instead focused on weather forecasts, which are beginning to predict above average temperatures across much of the US for mid-April onwards and thus lowering demand fundamentals.
ETHANE: higher at 30.75 cents/gal
Ethane spot prices were up early on Thursday, with a deal done at 30.75 cents/gal.
AROMATICS: benzene wider $4.08-4.32/gal
Prompt benzene spot prices moved to a wider range early in the day, sources said. The range was further apart compared with $4.13-4.32/gal FOB (free on board) late Wednesday, as bids declined.
OLEFINS: March ethylene wider at 61-63 cents/lb; April PGP wider at 59-63 cents/lb
Bid/offer levels for March ethylene moved to 61-63 cents/lb, sandwiching the level at which a deal was done the previous day. April polymer-grade propylene (PGP) was heard at 59-63 cents/lb, wider than the previous week’s range.
For more pricing intelligence please visit www.icispricing.com
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