03 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $95.06/bbl, down $2.13; May Brent: $107.91/bbl, down $2.78
NYMEX WTI crude futures fell sharply in response to the weekly supply statistics from the US Energy Information Administration (EIA), showing a much-greater-than-forecast build in crude stocks. Refined products also fell sharply, despite the fact that the EIA data showed a drawdown in inventories. Crude futures were also under pressure from weakness in the stock market, responding to a report showing job growth in the private sector stalling. WTI bottomed out at $94.89/bbl before rebounding.
RBOB: May: $2.9618/gal, down by 7.90 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to fall, shedding nearly 8.00 cents/gal in early trading, as government data indicated a less-than-expected draw in gasoline inventories.
NATURAL GAS: May: $3.941/MMBtu, down 2.8 cents
The front month on the NYMEX natural gas market fell further through Wednesday morning trading in response to milder weather outlooks and declining gas demand for power generation, as previously offline nuclear power plants come back online.
ETHANE: lower at 28.25 cents/gal
Ethane spot prices were lower, following weakness in crude and natural gas.
AROMATICS: benzene bid at $4.28/gal
US benzene was bid at $4.28/gal FOB (free on board) early in the day, sources said. The bid was within the previous day’s range of $4.26-4.33/gal FOB. Trade sources said benzene prices were poised to move lower, alongside weaker RBOB futures.
OLEFINS: ethylene higher at 61.75 cents/lb; PGP offered higher at 63 cents/lb
US April ethylene prices moved higher to 61.75 cents/lb on a deal done, compared with the previous deal at 61.25 cents/lb. US April polymer-grade propylene (PGP) was offered higher at 63 cents/lb compared with a deal Tuesday at 61 cents/lb.
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