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Gulf Coast Spot NGLs sharply Lower Early Monday Afternoon
12/02 12:55 PM
Gulf Coast Spot NGLs sharply Lower Early Monday Afternoon CANYON LAKE, Texas (DTN) --- Gulf Coast spot NGLs prices were sharply lower early-afternoon Monday with Enterprise propane down 2.8% from the trade session prior and both normal butane and natural gasoline posting even larger declines. LST spot propane traded near midday at 55cts gallon, down 1.25cts or 2.2% after the Thanksgiving Holiday, while Enterprise spot propane was done 1.625cts lower at 55.625cts gallon. Despite the price decline, Enterprise spot propane was valued midday at a near seven-month high 41.8% of spot-month New York Mercantile Exchange WTI futures. At last look, NYMEX January WTI crude oil futures were up 74cts at $55.91 bbl and spot-month ICE Brent futures were 64cts higher at $61.13 bbl with the Brent-WTI spread at a 3-1/2 week low $5.22 bbl. Nearby NYMEX RBOB futures were down 0.79cts in early-afternoon trade at $1.5836 gallon. In Canada, Sarnia spot propane was heard at a more than 21-month high 111cts gallon, up 3cts. In other Gulf Coast NGLs spot markets, Enterprise normal butane changed hands near midday at 70.5cts gallon, down 3.5cts or 4.7% from the trade session prior. Enterprise isobutane slid 2cts at 83.5cts gallon. Enterprise natural gasoline dropped 7.5cts or 5.7% at 123.5 as it traded at a 4cts discount to LST natural gasoline. In related markets, NYMEX January natural gas futures were up 4.7cts in early afternoon trade at $2.328 MMBtu. Alton Wallace, 1.832.646.9229, , (c) 2019 DTN. All rights reserved.