US propane inventories stay flat, spot prices continue rising

21 August 2013 23:26  [Source: ICIS news]

HOUSTON (ICIS)--US propane inventories were flat for the second week in a row, the US Energy Information Administration (EIA) said on Wednesday.

Meanwhile, spot prices rose.

Inventories remained at 61.9m bbl for the week ending 16 August.

However, consumption was up by 91,000 bbl/day at 1.255m bbl/day for the same period from 1.164m bbl/day the previous week.

Propane exports were down to 222,000 bbl/day from 252,000 bbl/day the previous few weeks.

Spot propane deals were done as high as $1.1275/gal on Wednesday, the highest price since April 2012.

The US has an abundance of propane as a result of relentless shale gas production.

The excess supplies have been finding a home in the form of exports, mostly to Mexico and South America.

But cargoes are starting to make their way to Asia, where propane is coveted for the production of propylene.







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By: Bobbie Clark
+1 713 525 2653

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