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US Spot NGLs Finish Broadly Higher with NYMEX Oil Futures
5/19 4:58 PM
US Spot NGLs Finish Broadly Higher with NYMEX Oil Futures HOUSTON (DTN) -- U.S. spot natural gas liquids prices finished broadly higher at the major supply hubs Friday and posted solid gains this week, with support from advancing New York Mercantile Exchange oil futures. NYMEX June West Texas Intermediate crude oil futures settled up 98cts Friday at $50.33 and on the week rallied $2.49 or 5.2%. The June RBOB futures contract finished 4.60cts higher at $1.6523 gallon and in the week advanced 7.62cts or 4.8%. In the week ended today, Mont Belvieu LST spot propane was up 4.625cts or 7.4% while Enterprise spot propane advanced 4.75cts or 7.6%. Enterprise spot propane ended the day valued at 55.9% of nearby WTI crude futures, up from 54.8% at the same time last week but down from 56.9% two weeks prior. At the Enterprise hub, normal butane finished 1.9% higher on the week while isobutane and natural gasoline were up 3.5% and 5.6%, respectively. Spot NGLs traded moderately at the Texas supply hubs and thinly at the Conway hub on Friday, brokers said. At Mt. Belvieu, LST spot propane traded late session at 66.875cts gallon, up 0.875cts, and Enterprise spot propane was 1.125cts higher at 67.0cts gallon. Conway spot propane was last done at 63.875cts gallon, up 1.375cts on the day to advance 3.625cts or 6.0% on the week. The Energy Information Administration Wednesday reported U.S. propane/propylene inventories rose a smaller-than-expected 600,000 bbl in the week ended May 12 to 42.2 million bbl. PADD 3 Midwest propane inventories were up about 700,000 in the week while small changes were seen in other PADD districts, according to EIA. Agency data showed U.S. propane/propylene exports at 1.254 million bpd in the week ended May 12, up from 830,000 bpd in the week prior. Market sources today said a consensus has formed around expectations that a total of 7-10 propane export cargos scheduled to lift in the next 2-3 weeks have been either cancelled or deferred. "It's a mix of cancellations and deferrals," one source said. In Canada, Sarnia spot propane traded Friday at 65.5cts gallon, up 2.75cts on the week. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane advanced 1.25cts at 79.375cts gallon while Conway normal butane traded at 73.5cts gallon, up 1.625cts. Mt. Belvieu non-LST isobutane and Conway isobutane both traded 0.75cts higher Friday at 77.0cts gallon at 83.25cts gallon, respectively. Mt. Belvieu non-LST natural gasoline was up 2.875cts at 111.625cts gallon while Conway natural gasoline advanced 2.25cts at 111.25cts gallon. Conway e/p mix was assessed at 20.25cts gallon, up 0.875cts, and Mt. Belvieu e/p mix was 0.5cts higher to finish the week unchanged at 25.375cts gallon. Gulf Coast purity ethane was done 0.25cts higher Friday at 25.75cts gallon but on the week slid 0.75cts from last Friday's three-month high. In related markets, NYMEX June natural gas futures settled up 7.4cts Friday at $3.256 MMBtu, but on the week dropped 16.8cts or 4.9%. Last Friday (5/12), the June contract finished at $3.424 MMBtu, a more than 3-1/2 month high on the spot continuation chart. EIA Thursday reported natural gas held in U.S. storage increased 68 Bcf to 2.369 Tcf in the week-ended May 12. At 2.369 Tcf, working gas held in domestic storage was down approximately 375 Bcf or nearly 14% from the same time last year but up 256 Bcf or 12.1% from the five-year average of 2.113 Tcf. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.schneider-electric.com (c) 2017 Schneider Electric. All rights reserved.