US propane and propylene stocks fell 1.09 million barrels to 26.05 million barrels for the reporting week ended Friday, US Energy Information Administration data showed Wednesday.
The draw was above market expectations, which were for at most a 500,000 barrel draw, Gulf Coast sources said.
Gulf Coast stocks fell 114,000 barrels to 15.50 million barrels.
Midwest stocks saw a draw of 922,000 barrels to 7.5 million barrels.
The East Coast saw a small build to 2.02 million barrels.
Mont Belvieu, Texas, propane was stronger following the news, with March propane trading at $1.1075/gal, which was 1.75 cents higher than Tuesday’s assessment of $1.09/gal.
Source: Platts.com
