19 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: May WTI: $87.96/bbl, up 23 cents; Jun Brent: $99.45/bbl, up 32 cents
NYMEX WTI crude futures extended recent gains on pre-weekend correction to oversold conditions. WTI topped out at $88.79/bbl, tracking a rally in the stock market, but most of the gains were given back. The May contract goes off the board on Monday.
RBOB: May: $2.7684/gal, up 1.29 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded slightly higher during Friday’s morning session, with some support from outside market sentiment and added influence from crude futures. The increase in Midwest gasoline buying has also contributed to the higher RBOB futures trading.
NATURAL GAS: May: $4.391/MMBtu, down 1 cent
The front month on the NYMEX natural gas market traded weaker in an attempt to correct Thursday’s higher settlement following the US Energy Information Administration (EIA) report, which showed the first weekly injection of the season.
ETHANE: stable at 29.00 cents/gal
Ethane spot prices were stable in early trading as natural gas futures were down slightly.
AROMATICS: benzene wider at $4.43-4.53/gal
Benzene spot prices were discussed in a slightly wider range early in the day as offers firmed alongside stronger prices in Europe, sources said. The morning range was wider from $4.43-4.50/gal FOB (free on board) the previous session.
OLEFINS: ethylene lower at 56-61 cents/lb, PGP wider at 55-59 cents/lb
April ethylene bid/offer levels fell to 56.0-61.0 cents/lb from 59.0-61.5 cents/lb the previous day as several crackers have restarted. US polymer-grade propylene (PGP) bid/offer levels widened to 55.0-59.0 cents/lb compared with a deal done the previous day at 56.5 cents/lb.
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