18 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $87.45/bbl, up 77 cents; Jun Brent: $98.92/bbl, up $1.23
NYMEX WTI crude futures rose on correction to oversold conditions and the euro rising against the dollar, overshadowing a weak stock market and a rise in jobless claims. WTI topped out at $88.14/bbl before retreating.
RBOB: May: $2.7309/gal, up 0.19 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded slightly higher during Thursday’s morning session as the US Department of Labor said the number of unemployment benefits claims was little changed, signalling a stabilising labour market.
NATURAL GAS: May: $4.382/MMBtu, up 16.8 cents
The front month on the NYMEX natural gas market traded higher during morning hours after the US Energy Information Administration (EIA) storage report showed that while the first weekly injection of the season was up, it remained 4.2% below the five-year average. The latest 10-day weather forecasts show colder temperatures moving east, further supporting heat-related demand for natural gas.
ETHANE: higher at 29.00 cents/gal
Ethane spot prices were stronger in early trading, following stronger natural gas futures.
AROMATICS: benzene up at $4.38-4.48/gal
Prompt benzene spot prices were discussed within a slightly higher range early in the day. The range was up from $4.37-4.42/gal FOB (free on board) late Wednesday.
OLEFINS: ethylene wider at 59.0-61.5 cents/lb, PGP offered higher at 58.5 cents/lb
April ethylene bid/offer levels widened to 59.000-61.500 cents/lb, compared with 59.875-61.000 cents/lb the previous day. US polymer-grade propylene (PGP) was offered higher at 58.5 cents/lb, compared with 57.5 cents/lb at the end of the previous day.
For more pricing intelligence please visit www.icispricing.com
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