28 August 2013 21:57 [Source: ICIS news]
HOUSTON (ICIS)--US propane inventories were stronger for the week ended 23 August , the US Energy Information Administration (EIA) said on Wednesday.
Propane spot prices continued to rally, rising to nearly $1.17/gal on Wednesday, as strength in crude oil futures helped provide upward support.
Crude oil has rallied this week as tensions roil in Syria.
Propane spot prices are at their highest level since April 2012.
Meanwhile, inventories rose to 62.1m bbl for the week ending 23 August, higher than 61.9m bbl the prior week.
Consumption was also down, as it weakened by 11,000 bbl/day to 1.244m bbl/day from 1.255m bbl/day the previous week.
Propane exports were at 222,000 bbl/day for the second straight week.
23-Aug 16-Aug 9-Aug 2-Aug Propane Stocks 62.1 61.9 61.9 61.8 m bbl Propane Consumption 1,244 1,255 1,164 1,145 bbl/d * * figures in thousand bbl
* figures in thousand bbl
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