Our predictions were a little right and wrong. We saw the potential for lower prices, but we significantly underestimated the potential size of the drop.
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We are at the point of rejection occurring, but it has not been based on our premise that natural gas prices would rise faster than crude and propane’s price.
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The propane industry avoided what one leader called a “catastrophic” situation when Congress intervened to prevent a national rail union strike.
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With propane at such a low value, any change in propane’s fundamentals will allow prices to rise with crude, and prices could rise with crude regardless.
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Inventory is 9.7 percent above its five-year average. We have only seen inventory higher than this four times in the past 19 years, says Mark Rachal of CMS.
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This week, Mark Rachal, director of research and publications for Cost Management Solutions, explores the strong inventory builds recently.
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Mark Rachal, director of research and publications for Cost Management Solutions, addresses the fundamental drivers of propane inventory levels.
Read More As long as export demand remains strong, there is likely to be continued pressure on inventory and thus support for propane prices.
Read More Propane is trading at a record high relative value to WTI crude, which suggests traders see propane fundamentals as more supportive of its price.
Read More When prices are as low as they are now, it seems like a good time to consider buys, but propane fundamentals still don’t look very supportive.
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