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Mt. Belvieu propane prices strengthened along with crude futures yesterday, despite an unsupportive weekly EIA inventory report. Brent crude climbed 1.8% and WTI crude gained 1.6%. The FTSE 100 strengthened following news that the UK health regulator approved the Pfizer/BioNtech covid vaccine for use as early as next week. Mt. Belvieu TET propane prices climbed 1.3% (75 points) higher to 57.25c/g - but Conway prices fell back 0.7% (38 points) to 53.75c/g. The EIA reported a small draw in Midwestern inventories that helped put them back at a small surplus over their five-year average. Natural gas futures on NYMEX fell 3.5% yesterday.
Crude futures were seeing see-saw trade near the unchanged mark as market participants awaited developments from the OPEC+ meeting. As of this writing, Brent futures had edged up 0.3%, whereas WTI futures were trading slightly in the red. Propane prices were strengthening today, with Mt. Belvieu TET up 1.5% (88 points) at 58.13c/g (non-TET at 58.44c/g), and Conway prices were moving in the same direction today - up 1.9% (one cent) at 54.75c/g. Natural gas futures continued south ahead of the weekly EIA storage report, tumbling 8.2% lower.
