- TI crude prices are up almost 9% the past two weeks to a spot price around $120/barrel. This is right after BlueClover announced a bearish view of $85-$95/barrel for the 2nd half of this
year … we shall see
- Natural Gas is up almost 7% the past two weeks to a spot price around $9.34/mmbtu.
- Propane prices are up 3% the past two weeks to a spot price of 124 cents per gallon.
- May contract PGP settled down 10cpp to a contract price of 61cpp. BlueClover’s recent estimate was down 9cpp prior to settlement.
- Physical PGP prices are currently at 51cpp, down from 55cpp two weeks ago. BlueClover had been bearish PGP prices two weeks ago, writing the following in our last report when physical PGP prices were 55cpp: “We are guessing that physical PGP has a better chance of getting to 50cpp than it does getting to 63cpp”
- BlueClover is expecting support for physical PGP pricing in the upper 40s given the strength in crude and propane.
- We are estimating contract PGP to be down 7cpp in June, which would bring contract PGP to 54cpp.
- Polypropylene prices have been decreasing over these past two weeks.