- Oil prices are headed for a fourth weekly gain
- WTI is up by $10, or 16%, over the past month
- Global oil supplies remain tight and are expected to remain so through 4Q
- Gulf of Mexico producers had 500 MBbl/d capacity still shut on Thursday (BSEE)
- LPG prices out outpaced crude oil’s rise this year, leading to multi-year highs for propane (Bloomberg)
- Propane prices in Asia have surged to the highest level since 2016, amid a rush to build stocks ahead of winter
- Strong international LPG pricing has been pulling Mt. Belvieu prices along with it
- Mt. Belvieu propane is currently trading at $1.33/gal, up from $0.80/gal this past spring
- AEGIS notes that due to low U.S. propane inventories, propane prices this winter could be highly reactive to below-average temperatures