16 September 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Monday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Oct WTI: $107.01/bbl, down $1.20; Nov Brent: $110.12/bbl, down $1.58
NYMEX WTI crude futures fell as military engagement in Syria took a backseat to diplomatic negotiations. Crude futures were also sold down as investors moved out of commodities and bought stock market shares on expectations of continuity in US monetary policy from the Federal Reserve. WTI bottomed out at $106.10/bbl before rebounding.
RBOB: Oct $2.7186/gal, down 5.10 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures dropped sharply during morning hours toward last week’s low of $2.7122/gal. A drop in crude futures pushed RBOB down.
NATURAL GAS: Oct: $3.738/MMBtu, up 6.1 cents
The October front-month contract on the NYMEX started the new trading week surging above the $3.70/MMBtu mark for the first time since late July. Forecasts for above-average temperatures across the central and eastern parts of the US through the end of September continue to boost near-term demand expectations.
ETHANE: higher at 24.88 cents/gal
Ethane spot prices were up slightly on normal market fluctuations. Prices have remained in a tight range as demand is stable and supplies remain long.
AROMATICS: Benzene flat at $4.46-4.53/gal
Prompt benzene spot price discussions were thin early in the day, sources said. As a result, spot prices were stable from $4.46-4.53/gal FOB (free on board) the previous session.
OLEFINS: ethylene done flat at 54.5 cents/lb, PGP offered higher at 68 cents/lb
US September ethylene traded at 54.5 cents/lb on Monday morning, flat with the previous reported deal, which occurred on 12 September. US September polymer-grade propylene (PGP) was offered higher at 68 cents/lb, compared with 67.5 cents/lb at the close of the previous week.
For more pricing intelligence please visit www.icispricing.com
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