02 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $96.55/bbl, down 52 cents; May Brent: $110.64/bbl, down 44 cents
NYMEX WTI crude futures drifted lower, despite a rally in the stock market on sentiment that crude supplies are adequate and inventories could rise further in the US Midwest as a result of the rupture and leak that caused the shutting down of the Pegasus pipeline system, which carries Canadian crude oil to the Gulf coast region.
RBOB: May 3.0270/gal, down by 7.45 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were weaker in early trading, tracking lower crude futures.
NATURAL GAS: May: $3.965/MMBtu, down 5 cents
The front month on the NYMEX natural gas market slid through Tuesday morning trading, edging below the $4.00/MMBtu for the first time in five sessions as the warmer mid-April weather outlook for the east coast and Midwest reduces expectations for near-term demand.
ETHANE: lower at 28.25 cents/gal
Ethane spot prices were lower, following weaker natural gas futures and lower demand from cracker outages.
AROMATICS: benzene wider at $4.22-4.38/gal
Prompt benzene spot prices were discussed within a wider range early in the day, sources said. The range was further apart from $4.26-4.33/gal FOB (free on board) the previous day.
OLEFINS: ethylene tighter at 59-62 cents/lb; PGP steady at 60.5 cents/lb
Offers for April ethylene fell to 62.0 cents/lb from 63.5 cents/lb while bids held steady at 59.0 cents/lb as a planned cracker turnaround began. Spot polymer-grade propylene (PGP) prices were steady at 60.5 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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