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US Spot NGLs Prices Higher Midday with NYMEX Oil Futures
2/14 12:43 PM
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 futures. 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 Tcf. 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 Bcf. 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,, (c) 2019 DTN. All rights reserved.