14 June 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $97.64/bbl, up 95 cents; Aug Brent: $106.09/bbl, up $1.14
NYMEX WTI crude futures extended recent gains as the dollar continued to fall against a basket of currencies and despite a sell-off in the stock market. The upside momentum also penetrated technical barriers, triggering buy stops. Released data showing wholesale prices rising more than expected did not fuel inflation, suggesting that the Federal Reserve should not scale back its stimulus programme. Geopolitical forces involving the Syrian civil war also provided underlying support.
RBOB: Jul $2.9094/gal, up 4.81 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices traded higher during morning hours, registering a new four-day high in the process as the strong performance in the market on Thursday continued to boost RBOB futures.
NATURAL GAS: Jul $3.757/MMBtu, down 5.7 cents
The July contract on the NYMEX natural gas market slid through Friday morning, losing value for the first time in three sessions on cooler weather forecasts for high consumption regions in the northeast. Expectations for slowing demand have led traders to be increasingly bearish on the inventory addition reported by the US Energy Information Administration (EIA).
ETHANE: lower at 22.75 cents/gal
Ethane spot prices hit a five-month low on long supplies and low demand.
AROMATICS: benzene wider at $4.24-4.34/gal
Prompt benzene spot prices were discussed within a wider range early in the day, sources said. The morning range was further apart from $4.24-4.30/gal FOB (free on board) the previous day as offers firmed.
OLEFINS: ethylene done higher at 60 cents/lb, RGP bid tighter at 57 cents/lb
US June ethylene was done twice at 60.0 cents/lb, up from the previous reported deal of 53.5 cents/lb on expected supply tightness. US June refinery-grade propylene (RPG) was bid tighter at 57 cents/lb compared with 57-58 cents/lb the previous day.
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