HOUSTON (ICIS)--Here is Tuesday's midday Americas oil and chemical market summary from ICIS.
CRUDE: Sep WTI: $97.26/bbl, down $1.03; Sep Brent: $104.39/bbl, down $1.02
NYMEX WTI crude futures sold down tracking a sell-off in the stock market and the dollar rising against a basket of currencies. Geopolitical drama continued to put a floor on the decline. WTI bottomed out at $97.21/bbl before rebounding,
RBOB: Sep $2.7064/gal, down 1.85 cents/gal
Reformulated blendstock for oxygen blending (RBOB) gasoline futures continued to decline ahead of Wednesday’s inventory report, which showed a build in supplies over the past month.
NATURAL GAS: Sept $3.899/MMBtu, up 6.5 cents/MMBtu
US natural gas futures were gaining ground on Tuesday as warmer temperatures expanded across the west and northwest regions. The number of cooling degree days for the western half was consistently above normal, while more moderate temperatures were expected for the rest of the country.
ETHANE: higher at 22.75 cents/gal
Ethane spot prices strengthened with natural gas futures in early trading on Tuesday.
AROMATICS: benzene wider at $4.70-4.80/gal
Prompt benzene spot prices were discussed at $4.70-4.80/gal DDP (delivered, duty paid). The morning range was wider from a trade the previous afternoon at $4.795/gal DDP.
OLEFINS: ethylene offered higher at 69.5 cents/lb; PGP offers steady at 73.5 cents/lb
US August ethylene was offered on Tuesday at 69.50 cents/lb, higher compared with the last reported trade at 69.25 cents/lb on Friday. US August polymer-grade propylene (PGP) was offered on Tuesday at 73.5 cents/lb, steady to levels heard the previous day, against no bids.
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