NGL MARKET RECAP
| March 26, 2014
March 26, 2014
In Focus: Persistent weakness Although the spike in propane prices and relative strength in butane in January lent support to the NGL fractionation spread, shocks in the NG cash market and NGL market fundamentals quickly dispelled the hope of stronger earnings for producers. Although we argued for the possibility of some volatility in ethane this year should supply/demand factors align accordingly, 2014 is looking a lot like 2013 so far.
NGL MARKET RECAP
| March 19, 2014
March 19, 2014
In Focus: Ethane update At their investor day yesterday, Enterprise Products Partners continued to build excitement around the possibility of more ethane exports beyond what Ineos has already signed up to take from the Marcellus. Fundamentally, we are of the opinion that ethane exports tied to long-term international petrochemical contracts will have a limited impact on US balances, and believe the product’s other market – as fuel in the natural gas stream – may play a more defining role in th.....
NGL MARKET RECAP
| March 12, 2014
March 12, 2014
Propane: US propane inventories fell by -1.1m bbl to 26.1m bbl for the week ended March 7, 2014. PADD 3 inventories decreased by -1%, or -114k bbl, to 15.5m bbl. PADD 2 stocks decreased by -11%, or -922k bbl, to 7.6m bbl. In PADD 1, stocks rose by +3% or +64k bbl to 2.0m bbl. Implied demand increased +4% to 1.32 mb/d; imports fell by -20% to 212 kb/d and production fell -8% to 1.32 mb/d last week.
NGL MARKET RECAP
| March 05, 2014
March 5, 2014
In Focus: West coast LPG exports Crude oil and NGL marketer Petrogas will acquire Chevron’s LPG storage and loading facility in Ferndale, WA, eyeing LPG exports to Asia-Pacific. But few details about the project have emerged, and we would expect business as usual – with perhaps incrementally greater butane exports this summer – until the new owners are able to fully leverage their new asset. The facility has been given a capacity of 30 kb/d.
NGL MARKET RECAP
| February 26, 2014
February 26, 2014
In Focus: Propane markets We think it may be a few months before the excitement surrounding the heating fuel and petrochemical feedstock dissipates. Although the weather has been warmer, forecasts for the end of February and March as a whole are significantly colder than normal, suggesting recent declines in prices at both Conway and Mont Belvieu may be more short lived. A couple of surprisingly large draws could once again challenge deliverability and distribution, putting upward pressure on .....
NGL MARKET RECAP
| February 20, 2014
February 20, 2014
Propane: US propane inventories fell by -1.2m bbl to 26.7m bbl for the week ended February 14, 2014, which is -12.6m bbl below the five-year average. PADD 3 inventories fell by -3%, or -533k bbl, to 15.1m bbl. PADD 2 stocks fell -2%, or -137k bbl, to 8.8m bbl, which is 5.1m bbl below the five-year average. In PADD 1, stocks fell by -18% or -353k bbl to stand at 1.6m bbl. Implied demand sank -18% to 1.38 mb/d; imports decreased by -27% to 155 kb/d and production decreased -2% to 1.40 mb/d.....
NGL MARKET RECAP
| February 12, 2014
February 12, 2014
In Focus: Light-end markets Although the Mont Belvieu propane market has been more volatile than ethane of late, both products are showing strength, but warmer weather forecasts could temporarily pull prices lower.
NGL MARKET RECAP
| February 06, 2014
February 6, 2014
Propane: US propane inventories fell by -0.8m bbl to 30.8m bbl for the week ended January 31, 2014, which is -12.7m bbl below the five-year average. PADD 3 inventories fell by -5.2%, or -1.0m bbl, to 17.7m bbl. PADD 2 stocks were up by +8.8%, or +0.8m bbl, to 9.6m bbl, which is 6.1m bbl below the five-year average. In PADD 1, stocks fell by -18% or -461k bbl to stand at 2.2m bbl. Implied demand decreased -21% to 1.31 mb/d; imports increased by +35% to 159 kb/d and production increased .....
NGL MARKET RECAP
| January 29, 2014
January 29, 2014
Propane: US propane inventories fell by -3.6m bbl to 31.7m bbl for the week ended January 24, 2014, which is -14.8m bbl below the five-year average. PADD 3 inventories fell by -7.2%, or -1.4m bbl, to 18.6m bbl. PADD 2 stocks fell -14%, or -1.4m bbl, to 8.8m bbl, which is 8.3m bbl below the five-year average. In PADD 1, stocks fell by -19% or -595k bbl to stand at 2.6m bbl. Implied demand decreased -5% to 1.65 mb/d; imports fell by -49% to 118 kb/d and production was unchanged at 1.40 m.....
NGL MARKET RECAP
| January 23, 2014
January 23, 2014
Propane: US propane inventories fell by -3.4m bbl to 35.3m bbl for the week ended January 17, 2014, which is -14.4m bbl below the five-year average. PADD 3 inventories fell by -6%, or -1.2m bbl, to 20.1m bbl. PADD 2 stocks fell -12%, or -1.3m bbl, to 10.2m bbl, and in PADD 1, stocks decreased by -13% or -501k bbl to stand at 3.2m bbl. Implied demand increased +1% to 1.7 mb/d; imports were up +58% to 231 kb/d and production decreased -1% to 1.40 mb/d last week.