Petchem gained as gas prices fell in January

Oil prices continued its positive trend and added 5 percent during January 2013, while natural gas declined 2.6 percent. The WTI oil futures contracts for 2013 are trading at a slight premium while 2014 contracts are trading at a 3.4 percent discount to the current levels. This is according to a new report issued yesterday by NCB Capital.

“The gold futures for all periods continue to trade in line with the spot prices. Oil future curve shifted upward while the gas futures curve remained unchanged. The gold futures curve shifted downwards slightly. The gold future contracts continue to trade in line with the current spot price of near $ 1,668/oz,” the report said.

According to the report, petrochemical products prices increased by an average of 8.6 percent during January, with an exception to benzene which declined 8.7 percent. All base metals increased 3-8 percent with the exception of steel which declined 1.2 percent. The TASI petrochemical sector increased 3 percent during the month, in line with TASI all shares index which gained 3 percent. The sector constituents’ performance was mixed; Tasnee lost 6.9 percent while Yansab increased 6.6

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