23 May 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $93.23/bbl, down $1.05; Jul Brent: $101.63/bbl, down 97 cents
NYMEX WTI crude futures fell for the third consecutive session in response to a decline in China’s factory activity and the prospect that the US Federal Reserve could pare back its monthly bond-buying. Gasoline (RBOB) futures also continued to fall on sentiment that gasoline supplies are adequate ahead of the long Memorial Day weekend, which is considered the start of the summer driving season. WTI bottomed out at $92.21/bbl before rebounding by midday.
RBOB: Jul $2.7884/gal, down by 2.38 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued the previous day's slide, as supplies were much higher than expected.
NATURAL GAS Jun $4.212/MMBtu, up 2.6 cents
The front month contract on the NYMEX natural gas futures market edged upwards through Thursday trading following the US Energy Information Administration’s (EIA) latest weekly gas storage report, which showed an injection into underground stocks on par with most analysts’ expectations.
ETHANE: steady at 28.25 cents/gal
Ethane spot prices were steady as supply and demand were balanced.
AROMATICS: benzene flat at $4.40-4.46/gal
Benzene prices discussions were thin early in the day. As a result, June benzene spot levels were stable from the previous session.
OLEFINS: June ethylene offered higher at 58.5 cents/lb, May RGP done higher at 54.5 cents/lb
US June ethylene was offered higher at 58.50 cents/lb, compared with levels at 57.25 cents/lb the previous day, against no fresh bids. US May refinery-grade propylene (RGP) was done higher at 54.5 cents/lb, up from the previous deal at 52.0 cents/lb.
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