As crude oil goes, so go prices throughout the fossil fuel realm. And lately, they’ve all been going down.
U.S. benchmark West Texas Intermediate (WTI) sagged to a two-month low on Oct. 30 as crude inventories continued to rise for the sixth straight week. Brent took a 1.8% hit on Oct. 30, though it stabilized on Halloween.
The Mont Belvieu, Texas, hypothetical barrel fell 8.5% in the past week as ethane (down 13.6%) and normal butane (down 10.2%) tumbled. In fact, Conway, Kan., ethane was the only NGL tracked by Hart Energy to increase in price, rising by 1.3%.
Bleak as the numbers appear, the outlook is not a gloomy one. EnVantage Inc. even feels good about it.