Crude Oil
The energy complex from crude oil and natural gas to propane and ethane have been flat in pricing over the past two weeks. WTI prices are lower by about 1% over the past two weeks to a price of $71.30/barrel.
Natural Gas
Natural gas prices are fluctuating between $3.70/mmbtu and $3.85/mmbtu. As omicron rips through the USA, it appears the commodity markets are pricing in continued demand, perhaps due to a spike in mild cases only to fall in case loads in the following months.
Propylene
Spot physical PGP prices in Mont Belvieu, TX slid from 50cpp to 48cpp over the past two weeks. The month to date average price for physical PGP in Mont Belvieu, TX is 49.4cpp according to the PetroChem Wire.
The forward months for PGP in Mont Belvieu are now at a slight premium versus the spot physical price. Calendar 2022 is valued around 50cpp while physical PGP is valued around 48cpp.
We still think PGP prices are on the…