US Spot NGLs Prices Higher Midday with NYMEX Oil Futures
HOUSTON (DTN) -- U.S. spot NGLs were mostly higher at the major supply hubs
near midday Thursday, supported by advancing New York Mercantile Exchange oil
Near midday, NYMEX March West Texas Intermediate crude oil futures were up
35cts at $54.25 bbl while nearby RBOB futures had advanced 3.64cts at $1.5015
gallon, a near 10-week high on the spot continuation chart.
Spot-month Intercontinental Exchange Brent futures were up 83cts at $64.44
bbl with the Brent-WTI spread at $10.19 bbl, a near three-month high.
Spot propane traded moderately at the major supply hubs early Friday with
midday deal-volume at the LST, Enterprise, Targa, and Conway hubs at 160,000
bbl, 100,000 bbl, 10,000 bbl, and 45,000 bbl, respectively.
At Mont Belvieu, LST spot propane and Enterprise spot propane both traded at
more than one-week highs, with the former up 1.5cts from the day prior at
65.75cts gallon while the latter rose 1.125cts to 65.375cts gallon.
Enterprise spot propane was valued late morning at 50.6% of nearby WTI crude
futures, up from 48.6% at the same time last week.
Targa spot propane traded flat at 65.0cts gallon.
Conway spot propane also traded flat, changing hands at 55.75cts gallon with
its discount to Enterprise spot propane up 1.125cts to 9.625cts gallon, a more
than one-week high.
In Canada, Sarnia spot propane was seen at 84.25cts gallon, up 2.0cts.
In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane edged up
0.25cts in early trade at 85.25cts gallon while Conway normal butane was done
1.25cts higher at 66.0cts gallon.
Non-LST isobutane traded at 87.5cts gallon, up 0.5cts, and Conway isobutane
advanced 2.0cts at 82.0cts gallon.
Mt. Belvieu non-LST natural gasoline changed hands at a more than one-week
high at 115.0cts gallon, up 1.75cts on the session, while Conway natural
gasoline traded at an 11-1/2 week high with a 2.0cts gain at 103.0cts gallon.
Mt. Belvieu e/p mix was assessed flat at 27.375cts gallon while Conway e/p
mix was valued 2.5cts higher at 17.5cts gallon.
Gulf Coast purity ethane was down 0.5cts at 30.75cts gallon.
In related markets, NYMEX March natural gas futures were up 1.5cts in midday
trade at $2.590 MMBtu.
The Energy Information Administration midmorning reported natural gas held
in U.S. storage decreased a less-than-expected 78 Bcf in the week-ended Feb. 8
to 1.882 Tcf, with the South Central Region posting a stock build.
At 1.882 Tcf, domestic natural gas inventories are down 30 Bcf or 1.6% from
the same time in 2018 and 333 Bcf or 15.0% below the five-year average of 2.215
The 78 Bcf draw on working gas in the week-ended Feb. 8 compares to a 185
Bcf decrease in the same week in 2018 and a five-year average decline of 160
EIA data shows working gas in the South Central Region increased 4 Bcf
during the week to 696 Bcf while Midwest stocks dropped 30 Bcf to 492 Bcf.
Versus five-year average levels, South Central Region inventories were down
118 Bcf or 14.5% and Midwest Region stocks were down 66 Bcf or 11.8%.
East Region natural gas inventories dropped 24 Bcf in the week to 444 Bcf,
which was down 4 Bcf or 0.9% from the year-ago level and 41 Bcf or 8.5% below
the five-year average of 485 Bcf, EIA data shows.
Pacific Region natural gas stocks were drawn down by 17 Bcf during the
week-ended Feb. 8 to 155 Bcf while supplies in the Mountain Region fell 10 Bcf
to 95 Bcf.
Compared to five-year average levels, Pacific Region stocks were down 68 Bcf
or by 30.5% and Mountain Region stocks were down 40 Bcf or 29.6%.
Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com.
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