03 July 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $101.23/bbl, up $1.63; Aug Brent: $105.66/bbl, up $1.66
NYMEX WTI crude futures spiked for the third consecutive session, driven by short covering on fears of a crude shortage later in the year at the NYMEX contract delivery point in Cushing, Oklahoma. Weekly supply statistics from the Energy Information Administration (EIA) revealed a drawdown in crude stocks of 10.3m bbls. Political unrest in Egypt, which could affect crude supplies in the region, also provided underlying support. WTI topped out at $102. 18/bbl before the rally was capped.
RBOB: Aug $2.8425/gal, up 5.92 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices increased after the EIA report showed a gain of 4.5% in gasoline consumption and a drop in both gasoline and crude inventories for the week ended 28 June.
NATURAL GAS: Aug: $3.588/MMBtu, down 6.6 cents
The August contract on the NYMEX natural gas futures market fell back below the $3.60/MMBtu mark once again following yesterday's 2% rise, as traders anticipate another above-average addition into US inventories in the forthcoming EIA weekly gas storage report for the week ended June 28 due.
ETHANE: lower at 24.00 cents/gal
Ethane spot prices were lower in early trading as natural gas prices weakened. However, ethylene production has been stable, with several previously down crackers now running.
AROMATICS: benzene up at $4.04-4.11/gal
Prompt benzene spot prices were higher early in the day, sources said. The morning range was up from $4.02-4.10/gal FOB (free on board) the previous session.
OLEFINS: ethylene bid lower at 56 cents/lb; RGP bid lower at 54 cents/lb
US July ethylene was bid lower at 56 cents/lb compared with 57 cents/lb the previous day. US July refinery-grade propylene (RGP) was bid lower at 54.00 cents/lb compared with 55.00-55.25 cents/lb the previous day.
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