Spot LPGs Pressured by Crude Futures Drop after EIA Data
HOUSTON (DTN) --- Spot liquefied petroleum gas prices declined at midday
amid pressure from lower New York Mercantile Exchange crude futures, which
dropped on a bearish federal supply report.
The Energy Information Administration reported that crude oil inventories
soared by 7.3 million bbl, surprising analysts who expected a 3 million to 4
million bbl decline. Gasoline stockpiles gained 90,992 bbl while distillates
rose 938,016 bbl.
At press time, September crude oil futures were 70cts lower at $76.80 bbl.
August RBOB futures shed 1.46cts at $2.0486 gal. August No.2 oil futures
declined 0.61cts to $1.9933 gal. August natural gas futures rose 13.3cts at
$4.808 MMBtu.
The EIA also reported that domestic propane stockpiles inclined by 500,000
bbl or 1 percent to 53 million bbl for the week-ended July 23. Supply dropped
15.4 million bbl or 22.5 percent from the 68.4 million bbl level reported
during the corresponding year-ago period.
In physical LPG trade, Mont Belvieu propane was pegged at 104.75cts, down
1.25cts from day-prior values. Conway propane shed 1cts at 96.5cts gal.
Normal butane at the Mt. Belvieu hub lost 3.5cts at 136cts gal while Conway
normal butane dropped 2cts at 128cts gal.
Market sources pegged Mt. Belvieu natural gasoline at 165.5cts gal, down
1.5cts. Conway natural gasoline declined 1cts at 161cts gal.
T.L. Hamilton, 1.832.767.2622, tl.hamilton@dtn.com, www.telventdtn.com. (c)
2010 Telvent DTN. All rights reserved.
