28 May 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $95.29/bbl, up $1.14; Jul Brent: $104.28/bbl, up $1.66
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market in response to upbeat economic data that showed a rise in consumer confidence and stronger housing prices. Reports that central banks will keep monetary policies in place in order to boost economies also provided support. WTI topped out at $95.92/bbl before retreating.
RBOB: Jun $2.8781/gal, up 3.91 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded higher during morning hours as it tracked higher crude futures. Reports that consumer confidence hit its highest level in five years also boosted RBOB futures prices.
NATURAL GAS: Jun $4.185/MMBtu, down 5.2 cents
The front month contract on the NYMEX natural gas futures market slid through Tuesday morning trade due to future demand uncertainty as weather forecasts for the near term continue to fluctuate and previously offline nuclear power capacity is gradually restored to full service.
ETHANE: stable at 28.50 cents/gal
Ethane spot prices were stable from Friday’s trades, but there was talk of some downward movement.
AROMATICS: benzene wider at $4.42-4.48/gal
June benzene spot prices were discussed at $4.42-4.48/gal FOB (free on board) early in the day, sources said. The morning range was slightly wider from $4.44-4.47/gal FOB on Friday
OLEFINS: ethylene offered higher at 57 cents/lb, PGP steady at 58-60 cents/lb
US May ethylene was offered higher at 57 cents/lb, compared with levels at 56 cents/lb the previous week, with no fresh bids heard. US May polymer-grade propylene (PGP) was steady at 58-60 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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