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ONEOK moves to reverse pipeline flow due to propane squeeze

  • ONEOK Partners (OKS, OKE) moves to reverse the flow of a key propane pipeline to help supplies reach the Conway, Kan., storage hub and ease a shortage of the heating fuel suffered by millions in the Midwest and Northeast.
  • Conway has the second-largest propane storage hub in the U.S., where propane prices spiked recently to nearly $5/gal. as demand soared due to the record-breaking freeze; prices have since dropped to ~$2.50 but remain far above the $1.75 traded earlier this month before the freezing weather settled in.
  • The filing will become effective Feb. 6, but OKS does not say when, or even whether, it actually would reverse the line.
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