HOUSTON (ICIS)--Here is Friday's midday ?xml:namespace>
CRUDE: Feb WTI: $94.35/bbl, down $1.09; Feb Brent: $106.83/bbl, down 95 cents
NYMEX WTI crude futures extended the losses for the fourth consecutive session despite a much greater-than-forecast drawdown in crude stocks, mainly in the Gulf Coast region, revealed by the weekly supply statistics from the Energy Information Administration (EIA). The market focused instead on the much greater-than-expected build in distillate inventories and declining demand.
RBOB: Feb $2.6654/gal, down 2.96 cents
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline during morning trading as a severe winter storm hit the northeast, weakening demand from that region.
NATURAL GAS: Feb: $4.343/MMBtu, up 2.2 cents
NYMEX natural gas futures edged upwards on Friday morning on bullish consumption data in the EIA's latest weekly gas storage report, though softening near-term demand due to milder conditions led to price uncertainty through the early morning.
ETHANE: steady at 27.25 cents/gal
Ethane spot prices were steady in thin trading on Friday morning.
OLEFINS: January ethylene offered flat at 60.5 cents/lb, January PGP wider at 70.5-75.0 cents/lb
US January ethylene offer levels were steady at 60.5 cents/lb against no fresh bids on Friday. US January polymer-grade propylene (PGP) bid/offer levels widened to 70.500-75.00 cents/lb from 71.625-74.500 cents/lb the previous day.
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