30 April 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: June WTI: $93.54/bbl, down 96 cents; June Brent: $102.42/bbl, down $1.39
NYMEX WTI crude futures gave back nearly all of the gains made on Monday as the rally was seen as a profit-taking opportunity. WTI was down over $1.00/bbl early in the day but has since stabilised. A spate of positive economic news kept losses in check.
RBOB: May: $2.7900/gal, down 3.75 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded lower during the morning session as it tracked weakness in crude futures. Expectations for this week’s US Energy Information Administration (EIA) inventory report are for a drop of gasoline inventories in the range of 1m bbl, which might lend some support to Tuesday’s trading.
NATURAL GAS: June: $4.371/MMBtu, down 2.1 cent
The June contract on the NYMEX natural gas market edged lower though Tuesday morning, sliding as concerns over supply tightness were eased slightly by changing weather forecasts.
ETHANE: higher at 30.13 cents/gal
Ethane spot prices moved up slightly on stronger demand, despite weaker natural gas futures.
AROMATICS: benzene down at $4.41-4.49/gal
Prompt benzene spot prices were discussed within a lower range early Tuesday morning alongside weaker gasoline and lower benzene prices in Europe. The morning range was down from $4.44-4.52/gal FOB late on Monday.
OLEFINS: ethylene wider at 54-59 cents/lb; PGP down at 56-59 cents/lb
April ethylene bid/offer levels were at 54-59 cents/lb early in the day, sources said. The bid/offer range was wider from 55-58 cents/lb DEL (delivered) the previous day. Meanwhile, April/May polymer-grade propylene (PGP) bid/offers were at 56-59 cents/lb, a wider range from 58.00-59.25 cents/lb the previous session.
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