09 May 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $95.85/bbl, down 77 cents; Jun Brent: $104.00/bbl, down 34 cents
NYMEX WTI crude futures reversed direction and edged lower, factoring in Wednesday's US Energy Information Administration (EIA) supply statistics showing crude oil stocks at record highs. WTI bottomed out at $95.35/bbl before rebounding.
RBOB: June: $2.8715/gal, up 1.77 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures extended yesterday’s rally in early trading, gaining momentum from China’s announcement that it would raise domestic gasoline prices by 1% beginning on Friday.
NATURAL GAS: June: $3.980/MMBtu, up 0.2 cents
Natural gas futures on the NYMEX were trading just above flat after the weekly EIA inventory report showed underground gas stocks grew by 0.5%, adding another surplus for the ninth consecutive week. The additional inventory is likely to continue to weigh on prices, given that upcoming moderate temperatures are not likely to create much demand.
ETHANE: lower at 28.00 cents/gal
Ethane spot prices were slightly lower, tracking weaker demand.
AROMATICS: benzene flat at $4.38-4.42/gal
Activity was thin in the US benzene market early in the day, sources said. As a result, spot prices were stable from the previous day at $4.38-4.42/gal FOB (free on board).
OLEFINS: ethylene done higher at 58.375 cents/lb; PGP offered higher at 61.0-61.5 cents/lb
US May ethylene was higher on Thursday after a late trade the previous day at 58.375 cents/lb, compared with earlier deals at 58.000-58.250 cents/lb. May polymer-grade propylene (PGP) was offered higher at 61.00-61.50 cents/lb, compared with 60.75 cents/lb the previous day.
For more pricing intelligence please visit www.icispricing.com
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