The information provided in this market update is general market commentary provided solely for educational and informational purposes. The information was obtained from sources believed to be reliable, but we do not guarantee its accuracy. No statement within the update should be construed as a recommendation, solicitation or offer to buy or sell any futures or options on futures or to otherwise provide investment advice. Any use of the information provided in this update is at your own risk.
Propane prices strengthened last Wednesday, ahead of the holiday, with Mt. Belvieu TET prices climbing 2.4% (1.31 cents) to 55.00c/g and Conway prices gaining 1.8% (94 points) to reach 52.38c/g. The gains came amid broad-based strength in energy futures, as Brent crude gained 1.6% and WTI strengthened 1.8% amid further weakness in the US dollar and geopolitical tensions in the Middle East. Natural gas prices also strengthened, by 4.4%. Although NYMEX traded on Friday, there were no OPIS propane price assessments.
Crude futures were losing some ground this morning despite weakness in the US dollar index - which saw its weakest levels since April of 2018 today. Brent crude futures were down by 1.1% and WTI crude futures had lost 0.9% as of this writing, amid disappointing US economic data releases, as market participants kept an eye out for headlines stemming from the OPEC+ meeting. Mt. Belvieu TET prices were up at 56.50c/g, with non-TET at 56.88c/g, and Conway prices had strengthened to 53.50c/g this morning. Natural gas futures were also rising, by 3.8%.
