11 September 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $107.99/bbl, up 60 cents; Oct Brent: $111.79/bbl, up 54 cents
NYMEX WTI crude futures worked higher on sentiment that two consecutive down sessions had been overdone. The market also received support from the weekly supply statistics from the Energy Information Administration (EIA) showing a drawdown in crude stocks, although much less than forecast. WTI topped out at $108.09/bbl before retreating.
RBOB: Oct $2.7278/gal, down 0.97 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower after the latest EIA report showed a build in gasoline inventories and lower consumption rates.
NATURAL GAS: Oct: $3.539/MMBtu, down 4.5 cents
Natural gas futures on the NYMEX were sliding downward as traders brace for a robust storage surplus that will continue to add length to underground storage supply. Tepid cooling demand due to below-normal temperatures has also kept the Henry Hub benchmark weak.
ETHANE: steady at 24.63 cents/gal
Ethane spot prices were stable from Tuesday’s trades as a drop in natural gas futures kept ethane trades suppressed.
AROMATICS: benzene up at $4.50-4.55/gal
Prompt September benzene spot prices were discussed at $4.50-4.55/gal FOB (free on board) early in the day, sources said. The range was up from $4.45-4.52/gal FOB the previous session.
OLEFINS: ethylene done lower at 53.5 cents/lb, PGP bid higher at 64.0-64.5 cents/lb
US September ethylene traded at 53.5 cents/lb on Wednesday, lower than the previous reported trade at 54.75 cents/lb the previous Friday. US September polymer-grade propylene (PGP) bid levels rose to 64.00-64.50 cents/lb from 63.5-64.25 cents/lb the previous day.
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