04 October 2013 18:00 [Source: ICIS news]
HOUSTON (ICIS)--Here is Friday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Nov WTI: $103.57/bbl, up 26 cents; Nov Brent: $109.04/bbl, up 4 cents
NYMEX WTI crude futures posted light gains, reflecting concerns regarding Tropical Storm Karen and the potential impact on oil and gas installations in the US Gulf. The lack of progress in Washington regarding the government shutdown and its effect on economic growth and energy demand cancelled out storm fears.
RBOB: Nov $2.6130/gal, down 2.66 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures slipped in late morning trading after staging a rally overnight on concerns over Tropical Storm Karen. The storm is no longer expected to become a hurricane before making landfall on the US Gulf coast near Mississippi and Alabama on Saturday.
NATURAL GAS: Nov: $3.508/MMBtu, up 0.9 cent
The front month contract on the NYMEX natural gas futures market edged upwards through Friday morning as traders seek to use the shutting in of US Gulf production due to the approach of Tropical Storm Karen to push up prices in the face of bearish sentiment based around robust storage levels.
ETHANE: higher at 24.75 cents/gal
Ethane spot prices were slightly higher, tracking stronger natural gas futures.
AROMATICS: benzene up at $4.22-4.30/gal
Prompt benzene rebounded early in the day on the back of stronger energy futures. The morning range was up from $4.19-4.25/gal FOB (free on board) the previous session.
OLEFINS: ethylene offered higher at 48 cents/lb, RGP steady at 56-60 cents/lb
US October ethylene offer levels inched up to 48.000 cents/lb from 47.875 cents/lb as bids were absent in the market. US October refinery-grade propylene (RGP) bid/offer levels were steady at 56-60 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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