Non-LST propane at the Mont Belvieu NGL complex was heard trading Thursday at 87.75 cents/gal, 1 cent higher than Wednesday's assessment following a larger-than-expected draw from stocks.
The market was trading 50 points stronger than Wednesday's assessment before the report was released at 11 a.m. EST.
LST propane, which is linked to the Northeast market, was also trading 1 cent higher Thursday at 87.75 cents/gal.
US propane and propylene stocks fell 3.07 million barrels to 60.88 million barrels in the reporting week that ended Friday, the Energy Information Administration said. In the Gulf Coast, stocks were down 868,000 barrels to 36.28 million barrels and East Coast supplies were down 43,000 barrels to 5.05 million barrels.
Propane draws were estimated at 1.5 million barrels for the week ended Friday, according to a market source. However, the draw for this week was typical or slightly on the low side for the time of year, a Gulf Coast NGL broker said.
The EIA report for the third week of January 2012 showed a draw of 2.47 million barrels with total stocks in the Gulf Coast measuring 22.51 million barrels.
Source:
http://news.chemnet.com/Chemical-News/detail-1801463.html
