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Propane prices strengthened from the 25th to yesterday (there were no OPIS spot price assessments for November 27), with Mt. Belvieu TET prices rising from 55.00 to 56.81c/g and Conway prices climbing from 52.38 to 53.75c/g. Natural gas futures on NYMEX gained 1.4% yesterday with a more supportive two-week heating degree day forecast, but Brent crude fell back 1.2% and WTI edged down 0.4% amid weakness in equities and an uptick in the value of the dollar.
Crude futures continued lower this morning after OPEC+ talks were ended and now to be resumed on Thursday, as the group appears to be having difficulty reaching consensus. Whereas Saudi Arabia would like to see a three-month extension of the current level of output cuts, indications are that Russia would prefer to raise the ceiling by 0.5mb/d each month from January, and the UAE is pushing back at any increase in the output ceiling until non-compliance by some members is addressed. As of this writing, WTI futures were down 1.8% and Brent crude futures had lost 0.9%. The losses came despite strength in equities and weakness in the US dollar. Natural gas futures were also in the red this morning, having lost 1.4%. Propane prices were mixed featuring a narrowing of the north-south spread today, as Mt. Belvieu TET prices were off 0.7% (37 points) at 56.44c/g (non-TET at 56.81c/g), while Conway prices were up 0.7% (38 points) at 54.13c/g.
