08 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $92.83/bbl, up 13 cents; May Brent: $103.75/bbl, down 37 cents
NYMEX WTI crude futures chopped around between positive and negative territory, rising on sentiment that three consecutive down sessions were overdone but were under pressure from weakness in the stock market on expectations of unimpressive corporate earnings forecast for Q1. WTI bottomed out at $92.46/bbl before rebounding.
RBOB: May: $2.9004/gal, up 3.68 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices began to rebound during morning trading after losing more than 23 cents/gal last week on poor economic data.
NATURAL GAS: May: $4.148/MMBtu, up 2.3 cents
The front month on the NYMEX natural gas market extended Friday’s price surge into the new week, as the milder weather forecast failed to offset concerns over dwindling inventories and increased power generation consumption due to offline nuclear reactors.
ETHANE: higher at 29.13 cents/gal
Ethane spot prices drifted higher in early trading with a deal done at 29.13 cents/gal.
AROMATICS: benzene wider at $4.34-4.43/gal
April benzene spot prices were discussed within a wider range early in the day, sources said. The range was wider from $4.38-4.42/gal FOB (free on board) late on Friday.
OLEFINS: ethylene lower at 55.00-56.75 cents/lb, PGP lower bid at 58.5-60.5 cents/lb
Bid/offer levels for April ethylene fell to 55.00-56.75 cents/lb, lower than a deal done the previous Friday at 57.50 cents/lb. Bid/offer levels for April polymer-grade propylene (PGP) fell to 58.5-60.5 cents/lb, down from the most recent deal done at 61 cents/lb the previous week.
For more pricing intelligence please visit www.icispricing.com
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