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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