03 September 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $108.06/bbl, up 41 cents; Oct Brent: $115.35/bbl, up $1.02
NYMEX WTI crude futures overcame early losses and moved into positive territory in response to expected US congressional approval for an attack on Syria. The market had also received overnight support from an unannounced missile system test by Israel in the Mediterranean Sea. After hitting a low of $104.21/bbl on profit taking, WTI surged to establish an intra-day high of $108.53/bbl. The NYMEX floor was closed on Monday for the Labor Day holiday. ICE Brent had settled at $114.33/bbl.
RBOB: Oct $2.8686/gal, down 2.15 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures fell during morning trading as the October contract took over the prompt trading spot. Prices dropped to levels seen in early August as some of the build up last month began to taper.
NATURAL GAS: Oct: $3.678/MMBtu, up 9.7 cents
The October front month contract on the NYMEX natural gas futures market resumed trade, following the three-day weekend by surging nearly 3% in response to changing weather forecasts, which show warmer-than-previously-predicted temperatures now expected across most of the central and western US through the next two weeks.
ETHANE: lower at 26.00 cents/gal
Ethane spot prices were lower on slack demand, even as natural gas futures surged in early trading.
AROMATICS: Benzene traded up at $4.40/gal and $4.42/gal
September benzene traded twice this morning at $4.40/gal DDP (duty, delivered, paid). The deals were on the uptrend from $4.35-4.40/gal FOB (free on board) late on Friday.
OLEFINS: Sep ethylene higher at 54.75-56.50 cents/lb, Sep PGP lower at 63-68 cents/lb
US September ethylene bid/offer levels were heard at 54.75-56.50 cents/lb as September took over as the front month, higher than the last August levels seen at 53.25-56.00 cents/lb. September polymer-grade propylene (PGP) bid/offer levels were heard lower at 63.0-68.0 cents/lb compared with 64.5-69.0 cents/lb at the close of the previous week.
For more pricing intelligence please visit www.icispricing.com
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