01 October 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Tuesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Nov WTI: $101.27/bbl, down $1.06; Nov Brent: $106.99/bbl, down $1.38
NYMEX WTI crude futures extended recent gains along with various commodities on concerns that the government shutdown will impact consumer confidence and hurt economic activity. WTI bottomed out at $101.12/bbl before rebounding.
RBOB: Nov $2.5820/gal, down 4.62 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower during morning hours on outside market uncertainty over the US government closure and the resulting shut down of the Environmental Protection Agency (EPA), which could delay decisions on the Renewable Fuel Standard.
NATURAL GAS: Nov: $3.636/MMBtu: up 7.6 cents
The front month contract on the NYMEX natural gas futures market surged upwards through Tuesday morning, erasing some of the losses incurred over the last seven days on the expectation of a strong demand uptick this week as high pressure across the east coast and Midwest causes temperatures to soar.
ETHANE: higher at 25.50 cents/gal
Ethane spot prices continued to rally on the back of stronger natural gas futures.
AROMATICS: benzene up at $4.25-4.33/gal
October benzene spot prices were discussed at $4.25-4.33/gal DDP (delivered, duty paid) and FOB (free on board) early in the day, sources said. The range was slightly up from $4.23-4.32/gal FOB the previous afternoon.
OLEFINS: Oct ethylene done lower at 47.5 cents/lb, Oct PGP done lower at 64.5 cents/b
US October ethylene traded at 47.5 cents/lb on Tuesday, falling below the 50.0 cent/lb barrier for the first time in more than a year. US October polymer-grade propylene (PGP) traded at 64.5 cents/lb, lower than the previous reported trade at 66.0 cents/lb for September material.
For more pricing intelligence please visit www.icispricing.com
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