08 May 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $95.96/bbl, up 34 cents; Jun Brent: $103.84/bbl, down 56 cents
NYMEX WTI crude futures rose slightly despite the fact that the weekly supply statistics from the US Energy Information Administration (EIA) showed crude oil inventories rising to record highs for the second consecutive week. Upbeat data from China and Germany and the euro rising against the dollar provided underlying support.
RBOB: Jun: $2.8419/gal, up 0.85 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded slightly higher during morning hours after the EIA report showed a build in both gasoline consumption rates and inventories.
NATURAL GAS: Jun: $3.963/MMBtu, up 4.3 cents
The June contract on the NYMEX natural gas futures market rallied through Wednesday trading, as traders sought to take advantage of recent price declines through which contracts have shed more than 10% of their value in only a week.
ETHANE: higher at 28.25 cents/gal
Ethane spot prices were higher, following stronger natural gas futures.
AROMATICS: benzene up at $4.38-4.44/gal
May benzene spot prices were discussed at $4.38-4.44/gal FOB (free on board) early in the day. The range was up from late Tuesday’s range of $4.35-4.40/gal FOB.
OLEFINS: ethylene bid higher at 56.5-57.0 cents/lb; RGP offered higher at 52.5 cents/lb
May ethylene bid levels rebounded on Wednesday, moving to 56.5-57.0 cents/lb from 55.0 cents/lb the previous day, while offers were steady at 58.0 cents/lb. Offers for May refinery-grade propylene (RPG) moved up to 52.5 cents/lb from 52.0 cents/lb, with bids steady at 50.5 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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