Propane jumped 6.3% in the past week to its highest point since the start of the year and the hypothetical NGL barrel at Mont Belvieu, Texas, closed in on $37 to reach a 195-week—count ’em, that’s 195 weeks—high.
The outlook for ethane, however, appears to be placing a dark cloud inside that silver lining.
NGL are coming out of July as hot as the summer temperatures. Mont Belvieu’s NGL barrel was up $1.54 or 4.5% over June, and the barrel at Conway, Kan., had a similar percentage rise, clearing $26. Comparisons to July 2017 diverge even more. Mont Belvieu’s barrel is up 44.4% in the last year and Conway’s rise is 10.2%.