09 July 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $103.24/bbl, up 10 cents; Aug Brent: $107.38/bbl, down 5 cents
NYMEX WTI crude futures were modestly higher but traded within the previous session’s range, consolidating the recent gains and in search of near-term direction. A stock market rally ahead of the release of corporate earnings provided underlying support.
RBOB: Aug $2.9060/gal, up 2.23 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices rebounded from Monday’s drop as crude futures increased. Wednesday’s US Energy Information Administration (EIA) report is expected to show a build in gasoline inventories, which could weaken RBOB futures.
NATURAL GAS: Aug: $3.635/MMBtu; down 10.6 cents
The August contract on the NYMEX natural gas futures market crashed through Tuesday morning trade, erasing most of the gains posted on Monday. Cooling near-term weather forecasts for the Midwest and predictions that tropical storm Chantal will miss the Gulf of Mexico and instead hit Florida both fuelled sentiment as the session continues.
ETHANE: lower at 24.25 cents/gal
Ethane spot prices were lower on typical market fluctuations. Sources say demand is stable for the moment.
AROMATICS: benzene up at $4.08-4.20/gal
July benzene spot prices were discussed within a higher range early in the day, sources said. The range was up from $4.04-4.14/gal FOB (free on board) the previous afternoon.
OLEFINS: ethylene bid lower at 54-55 cents/lb, RGP steady at 55-58 cents/lb
US July ethylene bids fell to 54-55 cents/lb compared with 56 cents/lb as demand softened on some downstream production issues. US refinery-grade propylene (RGP) bid/offer levels held steady at 55-58 cents/lb.
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