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US Spot NGLs Finish Mixed while Oil Futures Settle Higher
2/16 5:03 PM
US Spot NGLs Finish Mixed while Oil Futures Settle Higher ORANGE BEACH, Ala. (DTN) -- U.S. spot propane prices finished lower at the major supply hubs Friday and other NGLs moved mixed with Gulf Coast butane and isobutane sharply higher while New York Mercantile Exchange oil futures posted modest gains. At settlement, the NYMEX March West Texas Intermediate crude oil futures contract was up 34cts at $61.38 bbl, and on the week advanced $2.18 or 3.7% as it finished at a more than one-week high. The nearby NYMEX RBOB futures contract settled 1.51cts higher at $1.7509 gallon and on the week gained 5.07cts or 2.9%. In the week ended today, LST spot propane slid 2.25cts or 2.7% while Enterprise spot propane edged down 0.75cts or 0.9%. At the Enterprise supply hub, normal butane advanced 8.3% in the week while isobutane and natural gasoline were up 8.6% and 3.5%, respectively. Spot propane traded thinly at the key supply hubs Friday with 280,000 bbl transacted at the Enterprise hub while deal-volume at the LST and Conway hubs was at 55,000 bbl and 60,000 bbl, respectively. At Mont Belvieu, LST spot propane last traded early session at 80.25cts gallon, down 1.5cts, and Enterprise spot propane was done 3.75cts lower in a deal done midafternoon at 83.75cts gallon. Enterprise spot propane ended the day valued at 57.3% of nearby WTI futures, down from 60.0% at the same time last week. Targa spot propane didn't trade on the Intercontinental Exchange Friday. Conway spot propane was done early afternoon at 70.25cts gallon, down 1.75cts on the day but up 0.25cts in the week. Conway spot propane's discount to Enterprise spot propane narrowed to 13.5cts, and was lower for the third straight day after reaching a multi-year high of 18.125cts on Tuesday. Hattiesburg spot propane did not trade Friday but sources pegged it late day at 3.0cts to 3.25cts over Enterprise spot propane or at 87.0cts gallon. The Energy Information Administration Thursday reported U.S. propane/propylene inventories dropped a more-than-expected 3.3 million bbl in the week-ended Feb. 9 to 45.6 million bbl, which was down 7.5 million bbl or 14.1% versus the same time in 2017. Agency data showed U.S. propane/propylene exports for the week at 1.065 million bpd, up from 696,000 bpd in the week prior. Four-week average exports were at 794,000 bpd, down from 1.128 million bpd in the same period in 2017. Implied domestic demand for propane/propylene in the week-ended Feb.9 was at 1.540 million bpd compared with 2.007 million bpd in the week prior and 1.164 bpd in the same week last year. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane advanced 3.25cts Friday at 94.25cts gallon, a near two-week high, and Conway normal butane was up 1.0cts at 80.25cts gallon. Mt. Belvieu non-LST isobutane rallied 5.875cts at 99.875cts gallon, finishing the week at a two-week high, and Conway isobutane added 0.625cts at 91.125cts gallon, a one-week high. Enterprise natural gasoline advanced 1.375cts at 134.5cts gallon, a 1-1/2 week high, as its discount to LST natural gasoline held steady throughout the week at 0.5cts. Conway natural gasoline also finished at a 1-1/2 week high, up 1.25cts at 133.0cts gallon. Mt. Belvieu e/p mix and Conway e/p mix were both down 0.25cts, with the former at 22.375cts gallon and the latter at 14.0cts gallon. Gulf Coast ethane slid 0.125cts Friday at 23.875cts gallon and ended the week down 0.5cts or 2.1% and at a 1-1/2 week low. In related markets, NYMEX March natural gas futures settled down 2.2cts Friday at $2.558 MMBtu, and on the week slid 2.6cts or 1.0%. EIA Thursday reported natural gas held in U.S. storage in the Lower 48 states dropped about 194 Bcf in the week-ended Feb. 9 to 1,884 Bcf, the lowest level since May 2015. Working gas in domestic storage was down 577 Bcf or 23.4% from the same time in 2017 and 433 Bcf or 18.7% below the five-year average of 2,317 Bcf. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved