11 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: $101.70/bbl, down $1.31; Nov Brent: $111.07/bbl, down 73 cents
NYMEX WTI crude futures gave back nearly all of Thursday’s gains in early trading as market sentiment was that the rally was a bit overdone. Additionally, the International Energy Agency (IEA) lowered its oil demand forecast for 2014, providing downward pressure on WTI and Brent.
RBOB: Nov $2.6608/gal, down 3.73 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded lower after spiking on Thursday after reports suggesting that the US Environmental Protection Agency (EPA) would relax on its 2014 biofuel blending requirements.
NATURAL GAS: Nov: $3.770/MMBtu, up 4.7 cents
NYMEX natural gas futures extended Thursday’s gains into Friday, rising 1% on continued bullish sentiment stemming from the weekly gas storage report from the EIA, as well as gas demand from the power sector due to maintenance outages across nuclear power plants.
ETHANE: steady at 25.50 cents/gal
Ethane spot prices were steady in early trading, despite natural gas futures nudging higher.
AROMATICS: benzene wider at $4.15-4.25/gal
Prompt benzene spot prices were discussed at $4.15-4.25/gal FOB (free on board) early in the day, sources said. The morning range was wider compared with $4.18-4.25/gal FOB the previous afternoon as bids came down.
OLEFINS: ethylene offered higher at 45 cents/lb, PGP done lower at 61 cents/lb
US October ethylene was offered at 45.000 cents/lb, higher than the previous day’s trade of 43.625 cents/lb, against no fresh bids. US October polymer-grade propylene (PGP) was done lower at 61.000 cents/lb compared with the previous reported trade at 63.250 cents/lb.
For more pricing intelligence please visit www.icispricing.com
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