04 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $92.53/bbl, down $1.92; May Brent: $105.57/bbl, down $1.54
NYMEX WTI crude futures extended recent losses, responding to downbeat economic data showing initial jobless claims at a four-month high. The dollar rallied, making commodities more expensive, after the Bank of Japan announced a plan to stimulate the economy by pouring money. WTI bottomed out $92.34/bbl before rebounding.
RBOB: May: $2.8941/gal, down 1.99 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices continued to decline during morning trading as the market reacted to Wednesday’s Energy Information Administration (EIA) data, which showed a smaller-than-expected drop in inventories.
NATURAL GAS: May: $3.941/MMBtu, up 4.1 cents
The front month on the NYMEX natural gas market reversed its recent price declines through Thursday morning trading, rising after the release of the EIA’s latest weekly gas storage report, which showed a larger-than-expected withdrawal from gas stocks over the week ended 29 March.
ETHANE: lower at 27.50-27.75 cents/gal
Ethane spot prices continued to retreat, following weakness in the energy complex. Cracker outages have also stifled demand.
AROMATICS: benzene up at $4.26-4.36/gal
Prompt benzene spot prices were discussed within a slightly higher range early in the day, sources said. The range was up from $4.25-4.32/gal FOB (free on board) late on Wednesday.
OLEFINS: ethylene offered lower at 61.5 cents/lb; PGP offered higher at 63 cents/lb
April ethylene spot offers fell to 61.50 cents/lb, down from a deal done the previous afternoon at 61.75 cents/lb. Offers for polymer-grade propylene (PGP) moved higher to 63.0 cents/lb from 62.5 cents/lb the previous day.
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