Summary
Propane flat price contracts took a significantly bearish turn at the start of the fortnight ending 22 Oct as the geopolitical risk premia from the regional escalation of tensions in the Middle East waned. The Nov’24 Mont Belvieu TET (Energy Transfer) propane (C3 LST) saw bearishness into the fortnight due to a larger-than-expected build of 3.4mb on 17 Oct (for the week ending 11 Oct). However, the following week’s draw flipped sentiment in US propane, with the Nov’24 C3 LST rising to 76.50c/gal on 23 Oct (at the time of writing).
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