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Mt. Belvieu TET propane prices extended their rally to a third consecutive session on Friday, as crude futures did the same amid strength in US and European equities following encouraging European economic data (the US labor market report was more mixed, with a miss in the headline nonfarm payrolls figure) and weakness in the US dollar, despite a rise in the US oil rig count. WTI prices rose by 1.4% and Brent crude closed 1.1% higher. Mt. Belvieu TET propane saw a 1.5% (87-point) gain, hitting 59.56c/g, and Conway spot prices jumped 1.8% (one cent) higher to 56.00c/g. Natural gas futures also settled in the black on Friday, up 2.7% after a sharp decline on Thursday.
Crude futures were seeing losses of under one percent this morning amid flat-to-weaker trade in equities despite generally supportive economic data releases from abroad. Weakness in the US dollar and fresh US-China tensions (the US looks set to implement fresh sanctions against China) were also likely weighing on the price action in crude today. As of this writing, WTI futures were down 0.8% and Brent crude futures had lost 0.7%. Propane prices, meanwhile, continued higher. Mt. Belvieu TET prices were up 1.2% (69 points) at 60.25c/g (non-TET at 60.13c/g) and Conway prices had edged 0.2% (12 points) higher earlier this morning, to 56.13c/g. The north-south spread looked to be widening further.
