13 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: $105.87/bbl, down 24 cents; Sep Brent: $109.45/bbl, up 48 cents
NYMEX WTI crude futures gave back early gains and drifted lower on profit taking after topping out at $107.20/bbl, driven in part by a rally in gasoline (RBOB) futures and ICE Brent. Potential geopolitical supply disruptions put a floor on the WTI sell-off.
RBOB: Sep $2.939/gal, up 3.49 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rebounded during morning trading as expectations of weekly gasoline inventories are expected to decline by nearly 2m bbl. A gain in US retail sales in July also boosted RBOB futures trading.
NATURAL GAS: Sep: $3.296/MMBtu, down 1.4 cents
The front month on the NYMEX natural gas market began Tuesday edging lower as traders looked to consolidate the gains made earlier this week, stemming from the warmer weather outlook. Expectations remain strong that higher temperatures through late August should increase gas demand, while strengthening storm activity in the Caribbean could pose a potential future threat to production in the US Gulf.
ETHANE: steady at 24.38 cents/gal
Ethane spot prices were steady in early trading.
AROMATICS: benzene up at $4.23-4.30/gal
August benzene spot prices were discussed within a higher ranger early in the day, sources said. The morning range was up from $4.19-4.26/gal FOB (free on board) the previous session. Meanwhile, September prices were at $4.29-4.35/gal FOB on Tuesday morning.
OLEFINS: ethylene offered steady at 55.75 cents/lb, PGP steady at 68 cents/lb
US August ethylene offer levels were steady at 55.75 cents/lb, but demand was soft as no fresh bids were heard. US polymer-grade propylene (PGP) prices were steady at 68 cents/lb but could move up on news of a cracker issue.
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