Gulf Coast Spot NGLs Prices Lower Midday, Conway near Flat
CANYON LAKE, Texas (DTN) -- Gulf Coast spot NGLs were broadly lower in
midday trade Thursday while prices in the Midcontinent were little changed,
with the complex pressured by sinking New York Mercantile Exchange oil futures.
Near midday, NYMEX September West Texas Intermediate crude oil futures were
down $1.19 at $54.64 bbl and spot-month RBOB futures traded 3.45cts lower at
Intercontinental Exchange October Brent Futures were down $1.19 at $58.29
bbl with the Brent-WTI spread at $3.65 bbl, near a one-year low $3.64 bbl
differential seen on Monday.
At Mont Belvieu, non-LST spot propane traded near midday at 36.625cts
gallon, down 2cts from the day prior and at a fresh 3-1/2 year low, while
Enterprise spot propane was down 1.125cts at 39cts gallon.
Enterprise spot propane was valued late morning at 30% of nearby WTI crude
oil futures, a more thane two-week low.
Conway spot propane was down 0.25cts at 31.25cts gallon, near a 31cts gallon
more than 3-1/2 year low trade done the day prior.
In other NGLs spot markets, Mt. Belvieu non-LST normal butane was down
2.25cts in midday trade at 45.25cts gallon, a more than two-week low, and
Conway normal butane was done flat at 32.5cts gallon.
Mt. Belvieu Non-LST isobutane slid 0.5cts to a more than five-week low 55cts
gallon while Conway isobutane edged up 0.25cts at 45cts gallon.
Mt. Belvieu non-LST natural gasoline changed hands at 98.5cts gallon, down
1.5cts, and Conway natural gasoline traded flat at 98cts gallon.
Mt. Belvieu non-LST e/p mix was assessed at 12cts gallon, down 0.5cts, while
Conway e/p mix was seen 0.5cts higher at 3.75cts gallon.
Gulf Coast purity ethane dropped 1.875cts at 13.625cts gallon, a 1-1/2 week
In related markets, NYMEX September natural gas futures were up 11.1cts in
midday trade at $2.254 MMBtu.
The Energy Information Administration at 10:30 AM ET reported natural gas
held in U.S. storage increased a less-than-expected 49 Bcf in the week-ended
Aug. 9 to 2.738 Tcf, which is up 357 Bcf or 15% from the same time in 2018 but
down 111 Bcf or about 4% from the five-year average of 2.849 Tcf.
The 49 Bcf injection into domestic working gas during the week-ended Aug. 9
matched the five-year average stock build but was more than the 35 Bcf increase
in the same week last year.
Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, www.dtn.com.
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