26 August 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $105.62/bbl, down 80 cents; Oct Brent: $110.62/bbl, down 42 cents
NYMEX WTI crude futures gave back some of Friday’s gains in choppy action in response to a report showing a drop in US durable goods orders, suggesting that the economy may be losing traction. A UK bank holiday limited the market’s liquidity. WTI bottomed out at $105.56/bbl before rebounding.
RBOB: Sep $2.9767/gal, down 3.05 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures fell during morning trading after settling above $3/gal on Friday, which was the first time since the September contract took over the prompt spot. Lower crude futures weakened RBOB trading.
NATURAL GAS: Sep: $3.492/MMBtu, up 0.7 cents
The front month contract on the NYMEX natural gas futures edged upward through Monday morning in response to the ongoing heat wave affecting much of the country. Gas demand is expected to soar over the next fortnight as the power sector looks to cover rising demand for air conditioning.
ETHANE: higher at 25.00 cents/gal
Ethane spot prices were slightly higher as natural gas futures were stronger.
AROMATICS: benzene flat at $4.39-4.40/gal
US benzene market discussions were thin early in the day with trade participants away from the market. As a result, spot prices were flat from late Friday.
OLEFINS: ethylene bid higher at 54.50 cents/lb, PGP steady at 67.25 cents/lb
US August ethylene bid levels moved up slightly to 54.50 cents/lb from 54.25 cents/lb seen at the close of the previous week, while no fresh offers were heard. US August polymer-grade propylene (PGP) was steady at 67.25 cents/lb, based on a trade to close the previous week.
For more pricing intelligence please visit www.icispricing.com
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