Spot NGLs End mostly DN while Oil Futures Little Changed
HOUSTON (DTN) -- U.S. spot natural gas liquids prices finished lower at the
major supply hubs Thursday as propane and the butanes posted losses of 1.6% or
more while New York Mercantile Exchange oil futures settled shallowly mixed.
At settlement, NYMEX May West Texas Intermediate crude oil futures expired
down 14cts at $50.71 bbl, with the June contract 13cts lower at $51.07 bbl.
Nearby RBOB futures advanced 1.15cts to finish at $1.6705 gallon after ending
the day Wednesday at a three-week low.
At Mont Belvieu, LST spot propane traded down 1.375cts at 66.0cts gallon
while Enterprise spot propane slid 1.5cts at 65.625cts gallon, with both
finishing at fresh seven-day lows.
Enterprise spot propane ended the day valued at 54.8% of nearby WTI crude
futures, up from 54.0% at the same time last week.
Conway spot propane was done 1.0cts lower at 62.0cts gallon as its discount
to Enterprise spot propane narrowed to 3.625cts from 4.125cts late Wednesday.
In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane traded
1.875cts lower at 80.75cts gallon while Conway normal butane slid 2.125cts at
76.0cts gallon, with both finishing at seven-day lows.
Mt. Belvieu non-LST isobutane and Conway isobutane both dropped 2.0cts
Thursday at 78.0cts gallon and 81.5cts gallon, respectively.
Mt. Belvieu non-LST natural gasoline advanced 1.25cts at 112.25cts gallon
while Conway natural gasoline was done 0.75 higher at 112.75cts gallon, with
both up from Wednesday's more than three-week lows.
Conway e/p mix was and Mt. Belvieu e/p mix were both assessed 0.5cts lower
late Thursday at 19.5cts gallon and 23.0cts gallon, respectively.
Gulf Coast purity ethane traded down 0.5cts at 24.5cts gallon.
In related markets, NYMEX May natural gas futures settled 2.6cts lower
Thursday at $3.159 MMBtu.
The Energy Information Administration midmorning reported a
larger-than-expected 54 Bcf net injection into U.S. natural gas storage in the
week-ended April 14.
"The data implied a somewhat weaker background supply/demand balance than in
recent weeks, suggesting we may see more robust storage injections in the weeks
ahead that previously anticipated," said Citi Futures analyst Tim Evans. "While
prices have weakened on the news, we note that May natural gas continues to
trade above Tuesday's $3.114 low, a recently confirmed technical support. A
break of this level would make a stronger bearish statement," Evans said.
EIA data showed working gas in storage as of April 14 totaled 2,115 Bcf,
which was down approximately 368 Bcf or 14.8% from the same time last year but
up 282 Bcf or 15.4% from the five-year average of 1,833 Bcf.
Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com,
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