Cold weather, petchem demand push up C3 prices

Propane and crude prices increased in first-quarter 2005, a trend that could continue into the summer.Spot prices strengthened at the end of the first quarter, averaging 85-87¢/gal at Conway, Kan., and Mont Belvieu, Tex. West Texas Intermediate (WTI) crude prices also rose, pushing past $57/bbl on Apr. 1.Propane stocks decreased to less than 28 million bbl at the end of the quarter, but were still well above average levels. Petrochemical demand softened near the end of the quarter but still averaged a strong 390,000 b/d.Extraction rates were above normal at 529,000 b/d. April natural gas bid week cash prices averaged $6.78/MMbtu on the Texas Gulf Coast and $6.85/MMbtu in the US Midco...

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