Propane prices snapped their five-session rally yesterday, as did crude futures. Mt. Belvieu TET prices dropped 1.7% (1.19 cents) lower to 70.19c/g and Conway prices fell 1.1% (75 points) to 66.25c/g. These losses were smaller than those in crude futures, as Brent crude dropped 2.6% lower and WTI took a 2.8% tumble amid news of a new and more infectious strain of the coronavirus in the UK. Meanwhile, natural gas futures edged up 0.2%.
Propane Spots and Spreads
Crude futures were falling further today, although losses were smaller with WTI down 1.4% and Brent having shed 1.1%. Propane prices were also falling further. Mt. Belvieu TET prices were down 0.6% (44 points) at 69.75c/g this morning, with non-TET nearby at 69.38c/g. Conway spot prices had lost 0.8% (50 points) to hit 65.75c/g. Meanwhile, NYMEX natural gas futures were going the opposite direction - up 2.9%. In the news, the latest Commitment of Traders Report from the CFTC showed Mt. Belvieu TET propane swap speculators increased their net long position in the week ended December 15, as longs rose by 62 to 8,586 while shorts fell by 143 to 3,252.
Propane Stocks
