HOUSTON (ICIS)--Here is Monday's midday Americas oil and chemical market summary from ICIS.
CRUDE: Jul WTI: $103.96/bbl, up $1.30; Jul Brent: $109.85/bbl, up $1.24
NYMEX WTI crude futures staged a healthy rally as investors poured money into the energy complex on upbeat export data from China, while still factoring in strong job creation in the US, all of which should translate in rising global oil demand. An OPEC meeting in Vienna, Austria, this week is expected to leave oil export quotas at 30m bbl/day. WTI topped out at $104.24 before retreating.
RBOB: Jul $2.9819/gal, up 4.29 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures rallied early on Monday, following strength in crude oil. Unrest in Libya magnified global supply concerns, while the latest reports showed strong economic growth in China.
NATURAL GAS: Jul: $4.694/MMBtu, down 1.6 cents
The July contract slipped through Monday morning, temporarily breaking its five-session winning streak on cooler near term weather forecasts for central regions and a slightly milder outlook for the middle of the month along the east coast.
ETHANE: lower at 29.00 cents/gal
Ethane spot prices moved lower on soft demand. Sources said strong natural gas futures could not lift ethane spot prices.
AROMATICS: benzene bids up at $4.47/gal
Prompt June benzene bids were at $4.47/gal early in the day, sources said. The bids were up from $4.43/gal FOB (free on board) the previous session. Offers held steady from Friday at $4.57/gal.
OLEFINS: ethylene bid at 53 cents/lb, PGP bid lower at 63.5 cents/lb
US June ethylene was bid at 53 cents/lb against no fresh offers, compared with the close of the previous week when offer levels were at 58 cents/lb against no fresh bids. US June polymer-grade propylene (PGP) was bid lower at 63.5 cents/lb compared with 64.5 cents/lb at the close of the previous week, against no fresh offers.