Midwest Spot Propane Flat, Gulf Prices Lower Early Session
6/17 12:58 PM
Midwest Spot Propane Flat, Gulf Prices Lower Early Session OAKHURST, N.J. (DTN) --- Spot propane in the Midwest held steady while prices at the Gulf Coast eased early Monday with the downturn by New York Mercantile Exchange crude oil futures. At 1:40 PM ET, July West Texas Intermediate crude futures declined 27cts to $52.24 bbl and August Intercontinental Exchange Brent crude dropped 62cts to $61.39 bbl. At Mont Belvieu, LST spot propane was indexed early at 42.5cts by 42.75cts gallon. The prior session, the fuel was priced at 43.375cts gallon. Non-LST spot propane at the Gulf was talked at 41.625cts gallon, down 0.875cts versus the previous trade day. Conway spot propane was flat, talked last at 39.5cts gallon. Data from the Energy Information Administration for the first week of June show domestic propane supplies at rose 2.9 million bbl with Midwest PADD 2 supply up more than 3 million bbl. At 71.1 million bbl on June 7, U.S. propane inventories were at a better than 20 million bbl year-on-year surplus. Midwest PADD 2 supply at 18 million bbl are up over 9% from the first week of June 2018 while Gulf Coast stocks at 47.1 million bbl are at a better than 65% year-over-year surplus. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.
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