11 September 2013 21:37 [Source: ICIS news]
Correction: In the ICIS news story headlined "US propane inventories rise as consumption spikes" dated 11 September 2013, please read the headline as "US propane inventories fall ..." instead of ... "US propane inventories rise".
HOUSTON--US propane inventories fell slightly as consumption recovered from the previous week, increasing by 52.3%, the US Energy Information Administration (EIA) said on Wednesday.
Inventories fell to 64.5m bbl for the week ending 6 September, down from 64.6m bbl the prior week.
Consumption rose to 1.328m bbl/day, up from 872,000 bbl/day the prior week.
The higher demand caused propane spot prices to rise to $1.11/gal, up from $1.07/gal on 10 September. However, propane spot prices are down from $1.14/gal week on week.
Propane exports held steady at 222,000 bbl/day.
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. ?xml:namespace> 6-Sep 30-Aug 23-Aug 16-Aug Propane Stocks 64.5 64.6 62.1 61.9 m bbl Propane Consumption 1,328 872 1,244 1,255 bbl/d * * figures in thousand bbl
* figures in thousand bbl
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