24 July 2013 17:48 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Sep WTI: $105.46/bbl, down $1.77; Sep Brent: $106.98/bbl, down $1.44
NYMEX WTI crude futures fell sharply, despite the weekly supply statistics from the Energy Information Administration (EIA) that showed a drawdown in crude and refined products. Earlier released data showing weakness in China’s manufacturing sector pressured ICE Brent.
RBOB: Aug $3.0505/gal, down 0.86 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures were slightly lower midday, despite the EIA report showing an unexpected drop in gasoline inventories and a build in consumption rates.
NATURAL GAS: Aug $3.755/MMBtu; up 1.2 cents
The August contract on the NYMEX natural gas futures market was edging upwards, after a volatile morning session in which prices pivoted both positively and negatively within a couple of cents of Tuesday’s close on the uncertain near-term temperature and storage outlook.
ETHANE: higher at 25.63
Ethane spot prices were higher on increased buying activity.
AROMATICS: benzene flat at $4.12-4.17/gal
Prompt benzene spot prices were unchanged early in the day, holding from late Tuesday’s range. Market discussions were thin.
OLEFINS: ethylene done lower at 53.75 cents/lb, PGP offered higher at 66 cents/lb
US July ethylene traded at 53.75 cents/lb on Wednesday, lower than the previous day’s reported deal of 55.00 cents/lb. US July polymer-grade propylene (PGP) was offered higher at 66.0 cents/lb compared with 64.5 cents/lb the previous day.
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