20 May 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jun WTI: $96.99/bbl, up 97 cents; Jul Brent: $105.20/bbl, up 56 cents
NYMEX WTI crude futures reversed direction and recouped overnight losses in response to a weaker dollar and modest gains in the stock market. Rallies, however, also failed to experience follow-through to the upside, with WTI topping out at $97.11/bbl before retreating.
RBOB: Jun $2.9122/gal, up 0.53 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices had little change during morning trading as Midwest supply concerns eased and crude futures were trading higher.
NATURAL GAS: Jun: $4.140/MMBtu, up 8.5 cents
The June contract on the NYMEX natural gas futures market climbed steadily through Monday morning trading, boosted by the improved demand outlook as weather forecasts predict warmer-than-average temperatures across much of the US. The market has also been buoyed by the US Department of Energy’s decision to approve the Freeport LNG project’s application to export LNG to non-free trade agreement countries.
ETHANE: higher at 28.5 cents/gal
Ethane spot prices were moving up on the possibility of downed crackers coming back on line.
AROMATICS: benzene wider at $4.40-4.48/gal
Prompt benzene spot prices were discussed within a wider range during the day, sources said. The range was further apart from $4.43-4.48/gal FOB (free on board) the previous session. Bids were down as offers held steady.
OLEFINS: ethylene bid lower at 56 cents/lb, PGP steady at 58-59 cents/lb
US May ethylene bid levels moved lower to 56.0 cents/lb, compared with 58.0-58.5 cents/lb seen at the close of the previous week. US May polymer-grade propylene (PGP) bid levels were steady at 58-59 cents/lb.
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