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Propane prices rallied on Monday, snapping a four-session losing streak amid broad-based strength in energy futures. Mt. Belvieu TET prices jumped 2.8% (1.44 cents) higher to 52.00c/g and Conway spots rose 1.4% (69 points) to 49.69c/g. As did the north-south propane spread, the Brent-WTI spread widened as well. Brent crude futures prices climbed 2.4% higher, whereas WTI saw slimmer 1.5% gains, amid positive news on AstraZeneca's coronavirus vaccine candidate and strength in US shares, as well as geopolitical tensions in the Middle East (both within Libya and between Yemen and Saudi Arabia).
Crude futures were rallying further this morning, amid strength in US and European shares following news that the Biden transition team could begin working with Trump administration officials as soon as today, as well as generally encouraging European economic data releases, and with weakness in the US dollar index. As of this writing, WTI futures were up 4.2% and Brent futures had climbed 3.3% higher. Natural gas futures were also rising, but 2.0%. Mt. Belvieu TET propane prices continued higher as well today, up 3.0% (1.56 cents) at 53.56c/g (non-TET at 53.75c/g) and Conway spots were up 3.1% (1.56 cents) at 51.25c/g.
