In addition to crude’s collapse, Rachal discusses the propane pricing and supply environment. COVID-19 will have a greater impact on propane supply than it will on propane demand, he says.
Read More The oversupply in crude is leading to reduced propane supply, which is causing the value of the two commodities to separate.
Read More Under the current situation where crude is oversupplied on a global basis, U.S. propane supply fundamentals are becoming more price-supportive.
Read More While Saudi Arabia has called an emergency meeting of OPEC+, there is little doubt that U.S. production growth is very likely to slow in the future.
Read More The price of crude has rebounded a little since, but the potential for it to go lower is still present due to demand destruction from COVID-19 and producers not cooperating to limit production.
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Natural gas fundamentals are very important for propane retailers to monitor, since 80 percent of propane supply comes from natural gas processing.
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In this Trader’s Corner, we will focus on the changes in the price relationship between Mont Belvieu and Conway, Kansas, between last year and now.
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There has been a shift in the price relationship between Mont Belvieu propane and Hattiesburg propane over the past year.
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Propane/propylene supply is setting five-year highs with each passing week, but it appears to have peaked at 2.361 million bpd during the week ending Aug. 2.
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Why is this important? The increase in LNG export volumes allows the production of more natural gas. More natural gas production means increased propane supplies.
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