HOUSTON (ICIS)--Here is Thursday’s midday Americas oil and chemical market summary from ICIS.
CRUDE: Aug WTI: $105.16/bbl, down $1.34; Aug Brent: $113.26/bbl, down 74 cents
NYMEX WTI crude futures fell sharply on sentiment that recent gains had been overdone. The market factored in the decision by the Commerce Department to allow exports of ultra-light condensate. The fact that despite the turmoil in Iraq the southern oil producing fields are safe contributed to the sell-off. Disappointing economic data in the US also pressured the market.
RBOB: Jul $3.0867/gal, down 0.60 cent/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures had little change during morning hours, but weakened on lower crude trades.
NATURAL GAS: Jul $4.453MMBtu, down 10 cents
The front month contract on the NYMEX natural gas futures market fell over the morning of 26 June, losing value in the aftermath of the latest gas storage report from the US Energy Information Administration (EIA), which showed a larger than expected injection into US inventories over the week ended 20 June.
ETHANE: lower at 28.75 cents/gal
Ethane spot prices fell with natural gas futures early on Thursday.
AROMATICS: benzene flat at $5.28-5.37/gal
Activity was thin in the US benzene market early in the day, sources said. As a result, prices were flat from the previous session at $5.28-5.37/gal FOB (free on board).
OLEFINS: ethylene steady at 55.5 cents/lb, PGP lower at 64.125-64.875 cents/lb
US June ethylene prices were steady at 55.5 cents/lb, based on the most recent reported trade in the market. US June polymer-grade propylene (PGP) bid/offer levels fell to 64.125-64.875 cents/lb from 64.750-65.000 cents/lb seen at the close of the previous day.
For more pricing intelligence please visit www.icispricing.com