28 August 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $110.25/bbl, up $1.24; Oct Brent: $115.59/bbl, up $1.23
NYMEX WTI crude futures extended recent gains on fears that a military strike against Syria could spread across the region and disrupt oil movements. The rally overshadowed the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater than forecast build in crude stocks. WTI topped out at $112.24/bbl before retreating.
RBOB: Sep $3.0821/gal, up 4.80 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher during the morning session after the EIA report showed a drop of 600,000 bbl in gasoline inventories to 217.8m bbl.
NATURAL GAS: Sep: $3.493/MMBtu, down 4.1 cents
The September contract edged below the $3.50/MMBtu mark through Wednesday morning, slipping on the back of cooler long-term temperature forecasts and mounting concerns over the imminent start of the fall slack demand season.
AROMATICS: benzene flat at $4.36-4.39/gal
US benzene activity was thin early in the day, sources said. As a result, spot prices were stable from the previous afternoon.
OLEFINS: ethylene flat at 55 cents/lb, PGP tighter at 66.50-67.75 cents/lb
US August ethylene prices were steady at 55 cents/lb, based on two trades the previous day. US August polymer-grade propylene (PGP) bid/offer levels narrowed to 66.50-67.75 cents/lb from 66.00-69.00 cents/lb the previous day.
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