Crude oil closed at $23.36/bbl yesterday, or close to $.75/cpb higher than Friday’s close.
Propane reached new lows relative to its daily average close. Conway had a daily average of $.1925/cpg and MTB at $.2050/cpg.
While I don’t have the day to day propane pricing values dating back decades, I do have monthly propane averages at Conway and MTB dating back to the late 1980’s. See the image below, with notes to follow. The Red arrow is where the current March monthly averages are, with a few trading days left to go in the month:
You can see that we are heading for a March average at both MTB and Conway that will be lower than the January of 2016 average. I think there is a very good chance that the March month averages will dip below the January of 2002 low point, too.
Point of reference; MTB’s monthly average in December of 1998 was $.2090/cpg with Conway at $.1870. The lowest Conway average on this chart was $.1836/cpg in November of 1998, with MTB’s low being $.1938 in October of 1988.
The last deals done so far today see Conway trading just below $.2100/cpg and MTB right at it.