18 July 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $107.76/bbl, up $1.28; Sep Brent: $108.59/bbl, down 2 cents
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market in response to encouraging economic data showing a jump in key factory activity in the Mid-Atlantic region. WTI topped out at $108.04/bbl before retreating, with lower gasoline futures helping cap the crude rally.
RBOB: Aug $3.0950/gal, down 1.51 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures prices were lower as traders continued to digest Wednesday’s report from the US Energy Information Administration (EIA), which showed an unexpected rise in gasoline inventories and a drop in consumption rates.
NATURAL GAS: Aug: $3.793/MMBtu; up 16.4 cents
The August contract on the NYMEX natural gas futures market surged through Thursday morning, more than recovering losses incurred earlier this week to reach levels unseen since last month. The release of the latest weekly gas storage report from the EIA showed a much lower inventory addition than previously expected over the week ended 12 July.
ETHANE: higher at 25.25 cents/gal
Ethane spot prices traded higher on Thursday as it tracked strength in the Henry Hub natural gas futures market.
AROMATICS: benzene up at $4.05-4.10/gal
Prompt benzene spot prices were discussed slightly higher this morning. The morning range was up from $4.04-4.08/gal FOB (free on board) late on Wednesday.
OLEFINS: ethylene bid higher at 53.75 cents/lb; PGP offered higher at 66 cents/lb
US July ethylene bid levels moved slightly higher to 53.75 cents/lb from 53.50 cents/lb the previous day. US offer levels for July polymer-grade propylene (PGP) moved up to 66 cents/lb compared with 63 cents/lb the previous day.
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