US Spot NGLs Mixed Midday while Oil Futures Little Changed
9/25 12:42 PM
US Spot NGLs Mixed Midday while Oil Futures Little Changed HOUSTON (DTN) -- U.S. spot NGLs prices were shallowly mixed midday Tuesday with the exception of ethane which was sharply lower on the Gulf Coast and higher in the Midcontinent while New York Mercantile Exchange oil futures were little changed. NYMEX November West Texas Intermediate crude oil futures were up 3cts in midday trade at $72.11 bbl and nearby RBOB futures were 1.05cts higher at $2.0650 gallon. The ICE Brent November futures contract before expiration Wednesday was up 71cts near midday at $81.91 bbl, a more than 46-month high on the spot continuation chart as its premium to the nearby WTI future widened to $9.80 bbl, a 2-1/2 week high. Spot propane traded moderately at the key supply hubs early Tuesday with deal-volume near midday at the LST, Enterprise and Conway hubs at 80,000 bbl, 160,000 bbl, and 60,000 bbl, respectively. At Mont Belvieu, LST spot propane and Enterprise both traded late morning at 105.5cts gallon, with the former flat versus the day prior while the latter was down 0.375cts. Enterprise spot propane was valued near midday at 61.1% of nearby WTI crude futures, down from 64.1% at the same time last week. Targa spot propane traded early session at 106.0cts gallon, down 0.25cts from the day prior. Conway spot propane was up 0.5cts in midday trade at 78.25cts gallon. At Mont Belvieu this morning it leaned towards sellers taking out buyers but it was mostly the opposite at Conway, but with the differential between the two it's not surprising," said a market source. In other U.S. NGLs spot markets, Mt. Belvieu non-LST normal butane was up 0.625cts near midday at 126.125cts gallon, a near eight-week high, while Conway normal butane traded at a more than eight-month high with a 1.625cts gain at 97.125cts gallon, Non-LST isobutane was slid 1.25cts at 127.5cts gallon and Conway isobutane traded at 123.5cts gallon, down 0.875cts. Mt. Belvieu non-LST natural gasoline traded at a four-month high, up 1.5cts on the session at 161.0cts gallon, while Conway natural gasoline was done at 142.0cts gallon down 0.25cts from a twelve-week high at market close the day prior. Mt. Belvieu e/p mix was assessed 3.75cts lower at 39.75cts gallon while Conway e/p mix was up 2.0cts at 13.5cts gallon, a 1-1/2 week high. Gulf Coast purity ethane was down 2.0cts near midday at 50.0cts gallon, a two-week low. In related markets, NYMEX October natural gas futures were up 1.8cts in midday trade at $3.056 MMBtu, a near eight-month high on the spot chart. Alton Wallace, 1.832.646.9229, Alton.Wallace@dtn.com, (c) 2018 DTN. All rights reserved.