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US Spot NGLs shallowly Mixed Midday, Oil Futures Slide
9/26 12:24 PM
US Spot NGLs shallowly Mixed Midday, Oil Futures Slide HOUSTON (DTN) -- U.S. spot NGLs prices moved shallowly mixed in light overall trade early Tuesday with propane mostly higher while New York Mercantile Exchange oil futures edged down. At 12:30 PM ET, NYMEX November West Texas Intermediate crude oil futures were 34cts lower at $51.88 bbl and the nearby RBOB futures contract was down 1.49cts at $1.7071 gallon. Spot propane traded lightly early session at both the Enterprise and LST supply hubs with deal volume at each near midday at 140,000 bbl while 40,000 bbl changed hands at the Targa hub. "It's been mixed bag so far today, with a period where the buyers were taking out sellers and then it would switch to sellers taking out buyers, most of the time just moving with the crude market," said a broker. At Mont Belvieu, LST spot propane and Enterprise spot propane both traded late morning at 97.375cts gallon, with the former up 0.375cts and the latter 0.125cts higher. Enterprise spot propane was valued near midday at 79.0% of nearby WTI crude futures, up from 74.5% at the same time last week and 75.0% two weeks prior. Targa spot propane changed hands midmorning Tuesday at 97.0cts gallon, up 0.5cts. Conway hub spot propane was done flat at 92.375cts gallon as its discount to Enterprise spot propane reached 5.0cts, a near three-week high. In Canada, Sarnia spot propane was seen at 100.0cts gallon, up 4.25cts, and sources pegged Edmonton in-well spot propane at 18.0cts under Conway spot propane or at 74.375cts gallon. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane edged 0.375cts lower early Tuesday at 108.5cts gallon while Conway normal butane was seen flat at 110.0cts gallon. Mt. Belvieu isobutane advanced 1.625cts at 109.25cts gallon, hitting a fresh 7-1/2 month high, and Conway isobutane was valued flat at 113.875cts gallon. Mt. Belvieu non-LST natural gasoline was done at 121.75cts gallon, down 1.75cts from Monday's 27-1/2 month high, while Conway natural gasoline slid 0.625cts off a seven-month high at 120.0cts gallon. Mt. Belvieu e/p mix was assessed flat at 27.375cts gallon while Conway e/p mix was seen 1.375cts lower at 18.5cts gallon. Gulf Coast purity ethane traded up 0.375cts at 28.0cts gallon. In related markets, NYMEX October natural gas futures were down 0.4cts in midday trade at $2.915 MMBtu. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.