The EIA reported U.S. propane inventory down 662,000 barrels for the week ending Nov 29. Industry expectations on average were for a draw of 2.25 million barrels. Over the last five years inventories have averaged a draw of 768,000 barrels during week 48 of the year. Ready for sale propane stocks were down 1.059 million barrels to 63.455 million barrels. That was 66.1% of the total propane/propylene inventory.
Crude inventory was down 5.073 million barrels. Gasoline inventory was up 2.362 million barrels. Distillates were up 3.348 million barrels.
Propane exports were up 821,000 bpd, imports down 40,000 bpd, production up 51,000 bpd, domestic demand down 860,000 bpd.
Propane prices were down 1/2¢ to 1¢ prior to the report and were holding those losses post report.
Crude was down a few cents per barrel before the report and remains there post report.
