16 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: $102.49/bbl, up $1.28; Nov Brent: $110.92/bbl, up 96 cents
NYMEX WTI crude futures rose sharply, tracking a rally in the stock market on talk that there will be a deal in Washington to open the government and lift the debt ceiling to avoid a default. WTI topped out at $102.70/bbl before retreating.
RBOB: Nov $2.6968/gal, up 3.70 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures traded higher throughout the morning hours, mainly on general optimism that US lawmakers will be able to strike a deal to end the government shutdown.
NATURAL GAS: Nov: $3.844/MMBtu, up 5.4 cents
NYMEX natural gas futures rose through Wednesday morning, erasing the losses incurred over the previous day on the back of robust near-term demand from the power sector and expectations of growing consumption for heating purposes as temperatures begin to drop across much of the country.
ETHANE: higher at 25.88 cents/gal
Ethane spot prices were higher as natural gas futures rallied.
AROMATICS: benzene up at $4.07-4.16/gal
Prompt benzene spot prices rebounded early in the day, sources said. The morning range was up from $4.04-4.07/gal FOB (free on board) during the previous session as lower prices have attracted buying interest, sources said.
OLEFINS: ethylene higher at 45.0-46.5 cents/lb, PGP bid higher at 61.75 cents/lb
US October ethylene bid/offer levels moved up to 45.0-46.5 cents/lb compared to a trade during the previous day at 44.0 cents/lb, tracking a slight rally in the market. US October polymer-grade propylene (PGP) was bid higher at 61.75 cents/lb compared with 61.00 cents/lb during the previous day.
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