HOUSTON (ICIS)--Here is Friday's midday Americas oil and chemical market summary from ICIS.
CRUDE: Jan WTI: $97.55/bbl, up 17 cents; Jan Brent: $111.18/bbl, up 20 cents
NYMEX WTI crude futures extended recent gains in response to the release of various economic data showing a positive rate of economic recovery signalling improving energy demand. The pre-weekend rally was capped at $98.07/bl on sentiment that six consecutive up sessions have placed WTI in overbought territory.
RBOB: Jan $2.7274/gal, up 1.47 cents/gal
Reformulated blendstock for oxygen blending (RBOB) prices were stronger in morning trading, drawing strength from possible refinery outages and rising Brent crude futures.
NATURAL GAS: Jan: $4.171/MMBtu, up 3.9 cents
The January front month on the NYMEX consolidated on Thursday’s 4% rise, rising further above the $4.00/MMBtu mark on bullish sentiment surrounding recent inventory withdrawals and strong heating demand going into the weekend as temperatures plummet across much of the US
ETHANE: steady at 26.50 cents/gal
Ethane spot prices were steady in early trading as demand from petrochemical plants has been stable. There have been no reports of major cracker startups or shutdowns.
OLEFINS: ethylene higher at 55.5-56.5 cents/lb, PGP done higher at 71 cents/lb
US December ethylene bid/offer levels moved to 55.5-56.5 cents/lb, up from the previous day when bid levels were at 54.0 cents/lb against no fresh offers. US December polymer-grade propylene (PGP) traded higher at 71.0 cents/lb, up from a trade the previous day at 70.5 cents/lb.
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