06 August 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Sep WTI: $105.43/bbl, down $1.13; Sep Brent: $107.96/bbl, down 74 cents
NYMEX WTI crude futures drifted lower in response to a statement out of Iran indicating willingness to open negotiations over its nuclear programme. WTI also tracked a sell-off in gasoline (RBOB) futures and in ethanol fuel blending credits (RINS). WTI bottomed out at $104.99/bbl before the dip attracted buying.
RBOB: Sep $2.9114/gal, down 3.92 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded above $2.98 during early morning hours before retreating midday. A drop in crude futures and a possible weekly drawdown of 250,000 bbl in gasoline inventories caused RBOB to fall throughout the morning.
NATURAL GAS: Sep: $3.320/MMBtu, up 0.1 cent
The front month on the NYMEX natural gas market remained relatively flat through Tuesday morning as uncertainty over near-term demand based on lower-than-average temperatures and their likely impact on underground storage levels kept price fluctuations to a minimum.
ETHANE: steady at 25.00 cents/gal
Ethane spot prices were steady in early trading, tracking natural gas futures.
AROMATICS: benzene down at $4.05-4.15/gal
Prompt benzene spot prices were discussed within a lower range early in the day, sources said. The range was down from $4.15-4.19/gal FOB (free on board) the previous day.
OLEFINS: ethylene done lower at 52.5 cents/lb, PGP wider at 65.0-67.5 cents/lb
US August ethylene was done lower twice at 52.5 cents/lb compared with the previous day’s deal of 53.0 cents/lb. US August bid/offer levels for polymer-grade propylene (PGP) were wider at 65.00-67.50 cents/lb compared with the previous day’s level of 65.75 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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