Despite cold temperatures and heavy snow in parts of the country, NGL prices largely fell at both Mont Belvieu and Conway the first week of March as the propane supply shortage from earlier this year has since caught up with demand.
Although price differentials between Canadian crude and that of other markets hasn’t curtailed investment, it may be moving midstream companies toward pipelines that head out to tidewater locations instead of inland, experts say.
Brent prices came under downward pressure as rising U.S. light sweet crude oil production reduced the need for U.S. imports, thereby increasing supplies of Brent-quality crude oil available to the global market.
Sixty three percent of chief financial officers feel more confident about the U.S. economy and its impact on demand for energy in 2014, a 54% increase from last year’s study. Underlying this positivity is the continuing profitability of shale exploration and production.
In return for Iran limiting its nuclear program, the interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.
Prices erased an earlier loss after the Energy Information Administration said stockpiles grew 375,000 barrels (bbl.) in the week ended November 15, below the 1 million-barrel increase forecast by 11 analysts surveyed by Bloomberg.
The frigid temperatures that closed out January cleared out in different parts of the country, but large amounts of snow throughout the Northeast the first week of February were a sure sign that winter isn’t over yet.
The American Petroleum Institute welcomed authorization by the Department of Energy of liquefied natural gas (LNG) exports from Cameron Parish, Louisiana and urged the agency to quickly process over 20 remaining applications.
Natural gas liquids (NGL) prices were stable the week of January 8 while natural gas prices retreated at a quicker pace following the return of normal winter temperatures after a sustained cold front to start 2014.
The Polar Vortex that hit much of the Lower 48 states the first full week of 2014 caused an incredible spike in natural gas spot prices with some markets such as the city of New York ramping up to $70 per million Btu.
Producers might not be ecstatic about natural gas liquids (NGL) prices at the moment, but their customers are having a better go of it as the lower prices have been a boon to the petrochemical and manufacturing industries.