09 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: $93.50/bbl, up 14 cents; May Brent: $104.96/bbl, up 30 cents
NYMEX WTI crude futures bounced around between positive and negative territory and within a narrow range in search of near-term direction. Global economic growth concerns and geopolitical issues pressured or supported the energy complex.
RBOB: May: $2.9154/gal, up 0.61 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices continued to make gains during morning trading as analysts are predicting a drop of about 1m bbl in gasoline inventories in the US Energy Information Administration (EIA) report on Wednesday.
NATURAL GAS: May: $4.026/MMBtu, down 5.6 cents
The front month on the NYMEX natural gas market fell further on Tuesday morning, as bearish sentiment based upon above-average temperatures across high demand regions through the coming weeks continued to set the pace for trading activity.
ETHANE: lower at 28.00 cents/gal
Ethane spot prices were lower, following news that Chevron Phillips Chemical shut down its Sweeny cracker in Texas over the weekend. Weak natural gas futures also pressured prices lower.
AROMATICS: benzene up at $4.48-4.53/gal
Prompt April benzene price discussions were up early in the day. The morning April range was up from $4.38-4.43/gal FOB (free on board) late on Monday. Meanwhile, May benzene reportedly traded higher at $4.56 and at $4.59/gal
OLEFINS: ethylene wider at 53-55 cents/lb, RGP lower at 49-53 cents/lb
April ethylene bid/offer levels widened to 53-55 cents/lb on Tuesday, compared with a deal done the previous day at 55 cents/lb. April refinery-grade propylene (RPG) bid/offer levels moved lower to 49-53 cents/lb, compared with offer levels of 55 cents/lb on the previous Friday.
For more pricing intelligence please visit www.icispricing.com
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