22 August 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $104.44/bbl, up 59 cents; Oct Brent: $109.78/bbl, down 3 cents
NYMEX WTI crude futures rallied on bargain hunting after three consecutive down sessions. Modest gains in the stock market provided underlying support. WTI topped out at $104.90/bbl before retreating.
RBOB: Sep $2.9530/gal, up 1.53 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher during morning hours as the market remained influenced by Wednesday’s inventory report, which showed a larger-than-expected drop in gasoline stockpiles.
NATURAL GAS: Sep: $3.545/MMBtu, up 8.5 cents
Natural gas futures on the NYMEX headed upwards through Thursday morning, taking the front month contract above the $3.50/MMBtu mark for the first time in nearly four weeks. Bullish sentiment received a boost from the Energy Information Administration’s (EIA) latest weekly gas storage report, which showed gas stocks growing by less than previously expected over the week ended 16 August.
ETHANE: higher at 26.00 cents/gal
Ethane spot prices were higher as natural gas futures strengthened.
AROMATICS: benzene up at $4.35-4.38/gal
September benzene spot prices were discussed at $4.35-4.38/gal FOB (free on board) early in the day, sources said. The September range was up from August benzene prices at $4.25-4.35/gal FOB from the previous session.
OLEFINS: ethylene traded higher at 56 cents/lb, RGP steady at 59.5-61.5 cents/lb
US August ethylene was traded slightly higher at 56.00 cents/lb, compared with the previous reported deal at 55.75 cents/lb, tracking tighter supply. US refinery-grade propylene (RPG) bid/offer levels were steady at 59.50-61.50 cents/lb, flat with the previous day’s prices.
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