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Propane/propylene inventories fall more than expected; propane prices attempt rally
HOUSTON, December 2, 2015 (PCW) -- Propane/propylene inventories fell 2.1 million barrels to 104.103 million barrels for the week ending November 27, according to EIA data released Wednesday, a larger draw than most analysts had expected.
Expectations ranged between 1-1.6 million barrels. The largest draw came from PADD III (Gulf Coast), which fell 1.6 million barrels to 63.248 million barrels, likely on increased exports and greater cracking demand. Propane has been the cheapest feedstock in terms of its ethylene cash cost for several weeks now.
US propane prices recovered from early-morning lows on the bullish news, but were still coming in below Tuesday’s levels.
LST propane traded at 43.125 cpg as of 9.30am Central time, up from a low of 42.625 cpg done earlier in the morning. LST propane settled at 43.125 cpg Tuesday.
EPC propane traded at 42.75 cpg at 9.30am Central time, up 0.75 cpg from its early-morning traded level, but still 0.125 cpg weaker than its Tuesday settle of 42.875 cpg.
Conway propane’s last trade was at 37 cpg as of 9.20 am Central time --- before the data was released --- although it has been bid up to 37.25 cpg. It settled Tuesday at 38 cpg. --Samantha Hartke
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