Mont Belvieu, Texas, ethane recovered in the last week, reaching a five-week high in price and returning to positive territory in margin.
But the price is still 51% below what it was in the same week of 2018 and the most recent margin of fewer than 0.7 cents per gallon (gal) is far below the 13.96 cents/gal of 12 months ago. The hypothetical Mont Belvieu NGL barrel slipped below $20, where it has been for five of the last six weeks. The barrel’s margin, down about 1% compared to the previous week, has fallen 53.4% from the 24.73 cents/gal recorded a year ago.
Propane also rose for the fourth week in a row and its margin expanded by more than 7% in the past week. The Mont Belvieu price is off 47.2% where it was a year ago and its margin has narrowed by 58.7%. On July 23, propane’s ratio to West Texas Intermediate (WTI) crude oil was 34.6%.