24 September 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Nov WTI: $102.86/bbl, down 73 cents; Nov Brent: $108.06/bbl, down 10 cents
NYMEX WTI crude futures extended recent losses as market participants factor in rising oil production in Iraq and Libya and the easing of geopolitical tensions regarding Syria and Iran. The looming government shutdown if a US congressional decision is not reached is also being watched. WTI bottomed out at $102.30/bbl before rebounding.
RBOB: Oct: $2.6375/gal, up 1.45 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures for the October prompt month traded lower during morning hours but made gains by midday. The early morning losses came on the slide in crude oil and a shift toward slower seasonal gasoline demand.
NATURAL GAS: Oct: $3.534/MMBtu, down 6.8 cents/MMBtu
Natural gas futures on the NYMEX continued their decline on Tuesday on moderate temperature forecasts, which provide little support for natural gas demand.
ETHANE: lower at 24.50 cents/gal
Ethane spot prices were slightly lower on declines in natural gas futures.
AROMATICS: benzene down at $4.30-4.41/gal
Prompt benzene spot prices were discussed within a lower range early in the day, sources said. The morning range was down from $4.40-4.43/gal FOB late on Monday.
OLEFINS: ethylene wider at 50-53 cents/lb, PGP bid higher at 64.5 cents/lb
US September ethylene bid/offer levels widened to 50.00-53.00 cents/lb, compared with 50.50-52.75 cents/lb the previous day, despite a cracker shutdown. US September polymer-grade propylene (PGP) bid levels rose to 64.5 cents/lb from 63.0 cents/lb the previous day.
For more pricing intelligence please visit www.icispricing.com
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