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Spot NGLs Finish Broadly DN Friday but End Week Mostly Up
7/21 4:40 PM
Spot NGLs Finish Broadly DN Friday but End Week Mostly Up ORANGE BEACH, Ala. (DTN) -- U.S. spot natural gas liquids prices finished broadly lower at the major supply hubs Friday with natural gasoline and ethane down sharply while New York Mercantile Exchange oil futures plunged. NYMEX September West Texas Intermediate crude oil futures settled down $1.15 Friday at $45.77 and on the week slid 77cts or 1.7% as the spot-month contract rolled from August on Thursday. The August NYMEX RBOB futures contract settled 4.29cts lower at $1.5633 gallon but on the week eked out a 0.28cts gain. In the week ended today, Mont Belvieu LST spot propane advanced 1.625cts or 2.5% while Enterprise spot propane was up 1.75cts or 2.7%. Enterprise spot propane ended the day valued at 60.6% of nearby WTI futures, up from 58.0% at the same time last week. At the Enterprise hub, normal butane moved 3.7% higher this week isobutane advanced 4.1% and natural gasoline slid 2.2%. Trade in spot propane was light to moderate at the Texas supply hubs and thin at the Conway hub on Friday, brokers said. For the day, 190,000 spot propane bbl traded at the Enterprise hub and 135,000 bbl transacted at the LST hub. Only 40,000 Conway spot barrels changed hands Friday with the last deal done midmorning. At Mt. Belvieu, LST spot propane and Enterprise spot propane both traded 0.625cts lower Friday afternoon at 65.875cts gallon and 66.0cts gallon. Targa spot propane was done early session at 66.25cts gallon, down 1.25ct on the day. Conway spot propane traded 0.25cts lower Friday at 63.0cts gallon but finished the week up 2.625cts or 4.3%. Hattiesburg spot propane traded late morning at 66.0cts gallon and advanced 2.75cts or 4.3% on the week. The Energy Information Administration Wednesday reported U.S. propane/propylene inventories increased a larger-than-expected 3.5 million bbl to about 65.7 million bbl during the week ended July 14. Compared to the same time in 2016, stocks were down 21.7 million bbl or 24.8%. EIA reported U.S. propane/propylene exports in the week ended July 14 at 737,000 bpd, down from 910,000 bpd in the previous week. U.S. propane/propylene imports were reported at 96,000 bpd, down 1,000 bpd from the previous week but 13,000 bpd more than in the same week last year. EIA data showed implied demand for propane/propylene at 701,000 bpd during the week, which was down 63,000 bpd from the week prior and 444,000 bpd less than in the same week in 2016. In Canada, Sarnia spot propane was seen unchanged Friday at 67.5cts gallon but on the week advanced 4.25cts or 6.7%. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane slid 0.5cts at 80.25cts gallon while Conway normal butane was seen late session at 75.75cts gallon, down 0.75cts on the day. Mt. Belvieu non-LST isobutane traded 0.625cts lower at 80.125cts gallon and Conway isobutane was valued at 85.0cts gallon, down 0.875cts. Mt. Belvieu non-LST natural gasoline dropped 3.0cts Friday at 102.25cts gallon as its premium to LST natural gasoline widened to 1.75cts from 1.375cts at market close Thursday. Conway natural gasoline was done at 103.0cts gallon, down 3.0cts. Mt. Belvieu e/p mix was assessed 0.375cts lower at 24.375cts gallon while Conway e/p mix was seen late session at 20.75cts gallon, down 0.25cts. Gulf Coast purity ethane slid 0.625cts Friday at 25.125cts gallon but on the week advanced 0.25cts or 1.0%. In related markets, NYMEX August natural gas futures settled 7.3cts lower Friday at $2.970 MMBtu and on the week was down 1.0cts or 0.3%. EIA midmorning Thursday reported natural gas held in U.S. storage increased a smaller-than-expected 28 Bcf in the week ended July 14. At 2,973 Bcf, domestic gas held in storage was down approximately 299 Bcf or 9.1% from the same time last year but up 141 Bcf or 5.0% from the five-year average of 2,832 Bcf, according to EIA data. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.