14 August 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Sep WTI: $106.61/bbl, down 22 cents; Sep Brent: $110.13/bbl, up 31 cents
NYMEX WTI crude futures drifted lower on profit taking after trading positive and rising to $106.88/bbl in response to the weekly supply statistics from the Energy Information Administration (EIA), which showed a much greater-than-forecast drawdown in crude and gasoline inventories. WTI bottomed out at $105.60/bbl before rebounding, with the overall market’s tone remaining bullish.
RBOB: Sep $2.9626/gal, up 2.01 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher after the EIA report showed a decline in gasoline inventories of 1.2m bbl.
NATURAL GAS: Sep: $3.311/MMBtu, up 2.6 cents
US natural gas futures on the NYMEX were edging up on low-volume activity as traders attempted to shrug off expectations of another above-average supply build report and forecasts for mild temperatures. Moderate weather has staved off cooling demand, keeping a lid on rising gas prices.
ETHANE: higher at 24.00 cents/gal
Ethane spot prices were higher, as demand picked up in early trading.
AROMATICS: benzene up at $4.30-4.37/gal
August benzene spot prices were discussed at $4.30-$4.37/gal FOB (free on board) early in the day. The range was up from $4.28-4.30/gal FOB the previous session, following discussions over upcoming turnarounds.
OLEFINS: ethylene offered higher at 56 cents/lb, RGP offered lower at 61 cents/lb
US August ethylene offer levels moved slightly higher to 56.0 cents/lb from 55.5 cents/lb the previous day against no fresh bids. US refinery-grade propylene (RPG) offer levels fell to 61 cents/lb from 63 cents/lb, also against no fresh bids.
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