08 July 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $103.14/bbl, down 8 cents; Aug Brent: $107.45/bbl, down 27 cents
NYMEX WTI crude futures drifted lower on correction to overbought conditions after rising over $6.00/bbl in four consecutive up sessions. The overall bias remains to the upside and dips are viewed as buying opportunities. WTI bottomed out at $102.13/bbl before rebounding.
RBOB: Aug $2.9119/gal, up 1.51 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices were mixed during most of the morning’s trading but pushed higher by midday despite lower crude futures prices.
NATURAL GAS: Aug: $3.730/MMBtu, up 11.3 cents
The August contract on the NYMEX natural gas futures market began the new week rising over 3% on changing weather forecasts indicating warmer than previously expected temperatures across the northeast and Midwest in the latter part of the month.
ETHANE: higher at 24.50 cents/gal
Ethane spot prices were higher during the morning, tracking stronger natural gas futures.
AROMATICS: benzene higher at $4.05-4.19/gal
Prompt benzene spot prices early in the day were discussed within a higher range. The morning range was up from $4.04-4.10/gal FOB (free on board) late on Wednesday.
OLEFINS: ethylene bid steady at 56 cents/lb, PGP bid lower at 60 cents/lb
US July ethylene bids were steady at 56 cents/lb to start the week, tracking improved supply and slightly higher demand. US polymer-grade propylene (PGP) bids fell to 60.0 cents/lb from 61.5 cents/lb on slightly softer demand.
For more pricing intelligence please visit www.icispricing.com
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