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Spot NGLs Post Gains Early Monday while Oil Futures Mixed
7/24 12:29 PM
Spot NGLs Post Gains Early Monday while Oil Futures Mixed ORANGE BEACH, Ala. (DTN) -- U.S. spot NGLs prices moved broadly higher in light trade at the key supply hubs early Monday while New York Mercantile Exchange oil futures were mixed. At 12:30 PM ET, NYMEX September West Texas Intermediate crude oil futures were up 50cts at $46.27 bbl and nearby RBOB futures were down 1.13cts at $1.5520 gallon. At Mont Belvieu, LST spot propane changed at 66.5cts gallon, up 0.625cts, while Enterprise spot propane was done 0.375cts higher 66.375cts gallon. Enterprise spot propane was valued near midday Monday at 60.5% of nearby WTI crude futures, up from 58.2% at the same time last week. Targa spot propane did not trade early session on the IntercontinentalExchange other than a spread transaction done at 65.875cts gallon. Conway spot propane traded only three times early Monday, with each deal at 63.25cts gallon, up 0.25cts. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane and Conway normal butane both advanced 1.125cts early session at 81.375cts gallon and 76.875cts gallon, respectively, with each at fresh more than three-month highs. Mt. Belvieu non-LST isobutane was valued at 81.375cts gallon, up 1.25cts, while Conway isobutane added 0.375cts at 85.375cts gallon. Mt. Belvieu non-LST natural gasoline advanced 1.875cts at 104.25cts gallon though its premium to LST natural gasoline narrowed to 1.25cts. Conway natural gasoline was done 0.75cts higher at 102.75cts gallon. Belvieu e/p mix was assessed at 24.5cts gallon, up 0.125cts, and Conway e/p mix was valued 0.25cts lower at 20.5cts gallon. Gulf Coast purity ethane was seen flat at 25.125cts gallon. In related markets, NYMEX August natural gas futures were down 6.3cts in midday trade at $2.907 MMBtu. "The natural gas market has tested the downside as the temperature outlook is cooler and less bullish than Friday's forecast, subtracting some cooling demand from the fundamental equation for coming weeks," said Citi Futures analyst Tim Evans in a midmorning advisory. In the weeks ahead, however, the year-on-five-year average storage surplus is likely to trend lower, confirming that the market is becoming physically tighter on a seasonally adjusted basis, Evans said. This tightness would support a challenge to failed technical support at $3.25 MMBtu or even the $3.50 MMBtu level last tested in mid-May, he said. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.