21 June 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $93.46/bbl, down $1.68; Aug Brent: $100.37/bbl, down $1.78
In the first session for August WTI, crude futures continued to fall on Friday, despite a mixed day on Wall Street. NYMEX futures wre down, analysts said, on news that imports to China, the world's second-biggest oil consumer, fell 6% compared with a year ago, another sign of trouble in the Chinese economy. The American Petroleum Institute (API) also said that US oil use in May fell to a two-year low of 18.5m bbl/day. The dollar also continues to strengthen against a basket of currencies.
RBOB: Jul: 2.7410/gal, down 4.62 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were weaker in early trading, continuing the sell-off from Thursday. RBOB followed the rest of the energy complex and financial markets down.
NATURAL GAS Jul: $3.806/MMBtu, down 7.1 cents
The July contract for NYMEX natural gas continued the slide initiated by the weekly gas storage report from the Energy Information Administration (EIA), falling further on the back of changing weather forecasts predicting cooler than previously anticipated temperatures for the east coast and Midwest next week.
ETHANE: higher at 24.38 cents/gal
Ethane spot prices were higher in early trading, shrugging off lower energy futures, as demand has increased on news that a couple of crackers may be back on line this weekend.
AROMATICS: benzene flat at $4.26-4.30/gal
Prompt benzene spot prices were stable early in the day. There were no fresh trades heard, but bid/offer levels were still at values from late on Thursday.
OLEFINS: ethylene offered lower at 62 cents/lb, RGP bid lower at 54.0-55.5 cents/lb
US June ethylene offers fell to 62.00 cents/lb from 63.00-63.25 cents/lb as fresh bids remained scarce. Bids for US refinery-grade propylene (RPG) fell to 54.0-55.5 cents/lb from 57.0 cents/lb seen earlier in the week.
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