02 October 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Wednesday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Nov WTI: $103.80/bbl, up $1.76; Nov Brent: $108.97/bbl, up $1.03
NYMEX WTI crude futures rose sharply on the back of reports that construction of a pipeline to carry crude oil from Cushing, Oklahoma, to the Gulf coast region will be completed by the end of the year and will draw more crude from the NYMEX hub. The rally overshadowed the weekly supply statistics from the Energy Information Administration (EIA) showing a build in crude and gasoline inventories. WTI topped out at $103.97/bbl before retreating.
RBOB: Nov $2.6172/gal, up 0.66 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded slightly higher midday as it reversed Tuesday’s lows, despite an unexpected gain in gasoline inventories in this week’s EIA report.
NATURAL GAS: Nov: $3.578/MMBtu, down 3.1 cents
The front month contract on the NYMEX natural gas futures market slid downwards from Tuesday’s 5 cent/MMBtu gain as concerns over near record high production levels and already robust inventories offset bullish sentiment built on mounting tropical storm activity close to US Gulf production centres.
ETHANE: steady at 25.63 cents/gal
Ethane spot prices were steady on current bids and offers.
AROMATICS: benzene down at $4.25-4.30/gal
Prompt US benzene spot prices were discussed within a lower range early in the day, sources said. The morning range was down from $4.26-4.32/gal FOB (free on board) the previous session.
OLEFINS: ethylene tighter at 47.125-50.000 cents/lb, PGP offered higher at 65.75 cents/lb
US October ethylene bid levels moved up slightly to 47.125 cents/lb from 47.000 cents/lb a day ago, tightening the range as offer levels were steady at 50.000 cents/lb. US polymer-grade propylene (PGP) was offered higher at 65.75 cents/lb compared with 65.00 cents/lb a day ago.
For more pricing intelligence please visit www.icispricing.com
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections