Crude futures rallied on Friday, with both Brent and WTI posting gains of over four percent amid concerns that refloating the Ever Given, stuck in the Suez Canal, could take weeks, as well as with strength in European and US shares. Mt. Belvieu TET propane prices rose 2.2% (1.87 cents) to 89.25c/g and Conway prices gained 1.4% (1.13 cents), reaching 81.38c/g. Natural gas futures went the other direction, edging down 0.5%.
Crude futures opened higher this morning amid indications that Russia would be willing to mostly roll over OPEC+ output into May (but seek another modest increase in its own output ceiling). Futures came off and fell into the red later on, as news that the Ever Given had been refloated hit the wires. As of this writing, WTI futures were down 0.6% and Brent crude futures lad lost 0.9%. Natural gas futures were falling slightly further this morning, down by 0.7%. The propane price action was mixed, as Mt. Belvieu TET prices were down 0.3% (25 points) at 89.00c/g (non-TET down at 88.25c/g), while Conway spots were up 1.4% (1.13 cents) at 82.50c/g. Still, this would be 6.5 cents below Mt. Belvieu TET.
