Mid-Month to Mid-Month: Mid-March Prices Fall From February’s Surge

During the latest mid-month period, posted prices at Mont Belvieu steadily rolled down from the surge seen in February. The posted prices dropped 21.167 cents/gal., while the spot prices slipped 11.500 cents. Group 140, Conway, Kan., postings ended with a 92.900-cent plunge and spots fell 48.500 cents over the month.

The Mont Belvieu mid-February posted price, 122.506 cents/gal., came in 21.999 cents higher than mid-January’s 100.507 cents, and 72.666 cents higher than the year earlier price of 49.840 cents. The next week the price slid by 5.334 cents to 117.172 cents, followed by another decrease to 110.506 cents in the first week of March. Prices slid another 6.250 cents to land at 104.256 in the second week of the month. At mid-month, postings slid another 2.917 cents to land at 101.339 cents/gal.

The Conway, Kan., mid-February posted price, 189.147 cents/gal., began the period 92.900 cents above mid-January’s price of 96.247 cents. Compared to the same time in 2020, the 2021 prices were 147.799 cents higher. The next week, the price fell 12.100 cents to 177.047 cents, followed by a 66.350-cent plunge to 110.697 cents in the first week of March. The following weeks saw prices reduced to 96.847 cents, and again to 96.247 cents to end the mid-March period.

Mont Belvieu spot propane opened the mid-February period at 100.000-102.500 cents/gal., 6.625 cents above the previous month’s price, and 61.625 cents above a year ago. The next week, prices slipped 4.500 cents to 95.500-96.375 cents. The prices changed direction to bounce up to 97.000-97.625 cents in the first week of March. The second week saw a 4.500-cent decline that pulled spots down to 92.500-93.750 cents. Mid-month saw another dip, losing 4.000 cents to 88.500-89.500 cents.

Conway spots opened mid-month at 130.500-143.500 cents, 37.500 cents higher than a month earlier, and 94.750 cents higher than a year ago. The following week saw a 14.000-cent decline to 116.500-125.000 cents, and then a 28.000-cent drop to 88.500-89.250 cents in the first week of March. Prices continued moving lower, sliding another 7.000 cents to 81.500-84.000 cents in the second week of March. At mid-month period, they changed direction, closing 0.500 cent higher at 82.000-84.250 cents/gal.

SOURCE: The Weekly Propane Newsletter, March 18, 2021. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.