US propane and propylene stocks fell 1.2 million barrels to 26.71 million barrels for the reporting week ended February 14, Energy Information Administration data showed Thursday.
Gulf Coast stocks saw a draw of 533,000 barrels to fall to 15 million barrels. East Coast stocks saw a 353,000-barrel draw to 1.6 million barrels, while Midcontinent stocks fell 137,000 barrels to 8.83 million barrels.
Propane prices fell hard following the report. Propane at Mont Belvieu, Texas, the Gulf Coast storage hub, was trading 15 cents under Wednesday’s assessment at $1.40/gal.
Conway, Kansas, propane was also weak, trading at 8 cents lower at $1.40/gal.
Delays in loading very large gas carriers in the Houston Ship Channel may be partially to blame for the small draw in Gulf Coast stocks.
The delays stem from foggy weather in the region over the past week.
On Wednesday, a lifter from a Houston Ship Channel export facility said that the loading of their 550,000 barrel term cargo had been delayed five days.