NOON SNAPSHOT - Americas Markets Summary

02 July 2009 18:00  [Source: ICIS news]

HOUSTON (ICIS news)--Here is Thursday’s mid-day Americas oil and chemical market summary from ICIS pricing.

CRUDE: Jul WTI: $66.72/bbl, down $2.59; Aug Brent: $66.56/bbl, down $2.23
Crude prices plunged under pressure from a sell-off in the stock market responding to a bleak jobs and unemployment reports. A weak economy would continue to impact energy demand. The energy markets extended the losses from the previous session triggered by high refined products inventories. Front month WTI bottomed out at $66.54/bbl before attempting to rebound.

NATURAL GAS: $3.706/MMBtu, down 8.9 cents
Natural gas futures prices declined on weaker energy rates across the board combined with a build in domestic natural gas stockpiles.

RBOB: $1.7913/gal, down 6.77 cents
Reformulated gasoline blendstock for oxygenate blending (RBOB) declined on receding crude oil futures prices.

BENZENE: up at 2.90-2.95 cents/gal
July benzene barges in the US Gulf were talked higher to start the day with bids/offers at $2.90-2.95/gal DDP (delivered, duty paid) HTC (Houston-Texas City), while August material was in a 3-6 cent backwardation.

ETHYLENE: wider at 23.75-25.25 cents/lb
US July ethylene was in a range of 23.75-25.25 cents/lb with July and August offers presented at 25.25 cents/lb. The CME August ethylene futures contract was at 23.875 cents/lb at the close of business on Wednesday, and fourth-quarter contracts traded at 24.125 cents/lb.

PROPYLENE: wider and lower at 36.50-37.00 cents/lb
US refinery-grade propylene (RGP) for July delivery was heard traded at 36.75 cents/lb, down from the previous deal at 37.00 cents/lb.

For more pricing intelligence please visit www.icispricing.com.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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