The price of ethane rebounded in the past week but a month-long swoon pulled the hypothetical NGL barrel to three-month lows at the Mont Belvieu, Texas, and Conway, Kan., hubs.
Propane took a 4.9% hit at Mont Belvieu to its lowest level since mid-October, and dropped 5.5% at Conway to its lowest point since mid-September. The U.S. Energy Information Administration’s (EIA) propane inventory data showed stocks rising nationally and in PADD 3 (Gulf Coast states) during the first two weeks of December before a sharp 4.5% U.S. drop in the week ending Dec. 15.
En*Vantage attributed the inventory increases to a drop in exports caused by Gulf Coast fog and mechanical issues at a Houston Ship Channel terminal. The price correction from almost $1 per gallon (gal) three weeks ago to 91.45 cents/gal in the past week, won’t linger for long, En*Vantage said.