Natural gas prices sunk to 12-month lows at both Henry Hub and Chicago City Gate on April 23, helping to expand margins for most NGL, especially ethane, for the Good Friday holiday-shortened tracking week.

Crude oil prices slipped, too, unable to maintain the upward momentum from geopolitical factors including the Trump administration’s decision to end exemptions to sanctions against Iran, and Venezuela’s oil production for March averaging less than 1 million barrels per day (bbl/d), its lowest point since January 2003.

Oil was dragged down by a U.S. Energy Information Administration (EIA) report that U.S. crude inventories rose by 5.5 million barrels in the week ending April 19 to their highest level since October 2017. The total, 460 million barrels, does not include oil stored in the Strategic Petroleum Reserve.

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