25 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $92.06/bbl, up 63 cents; Jun Brent: $102.54/bbl, up 81 cents
NYMEX WTI crude futures extended recent gains, tracking a rally in the stock market in response to a labour-market report that showed a fall in weekly jobless claims. A weaker dollar also provided underlying support to crude and refined products.
RBOB: May: $2.7800/gal, up 3.26 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices extended Wednesday’s gains during morning trading as the market continued to digest the US Energy Information Administration (EIA) report, which showed a gain of 366,000 bbl/day in gasoline consumption to reach 8.750m bbl/day.
NATURAL GAS: May: $4.176/MMBtu, up 1 cent
The front month on the NYMEX natural gas market fluctuated through Thursday morning trade as the market took its time to digest the EIA’s latest weekly gas storage report for the week ended 19 April, which showed an inventory addition roughly in line with most analysts’ expectations.
ETHANE: stable at 29.00 cents/gal
Ethane spot prices were steady early on Thursday as natural gas continues to be weak.
AROMATICS: benzene wider at $4.44-4.52/gal
May US benzene spot prices were discussed within a wider ranger early this morning, sources said. The range was wider compared with $4.46-4.49/gal FOB (free on board) the previous session.
OLEFINS: ethylene bid flat at 56 cents/lb, PGP flat at 58.25 cents/lb
April ethylene was bid flat at 56 cents/lb on Thursday as market players said activity has been limited by a lack of a clear direction. April polymer-grade propylene (PGP) prices remained at 58.25 cents/lb, flat with the most recent deal.
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