The EIA reported a 2.4 MMbbl draw in total U.S. propane/propylene inventories for the week ended January 9, which exceeded industry expectations for a 2.2 MMbbl decline but was below the average draw of 3.7 MMbbl for the week. Despite the draw, total U.S. propane/propylene inventories stood at 95.7 MMbbl, which is 17.9 MMbbl, or 23%, above the same week last year and the five-year maximum. Inventories are also 24.6 MMbbl, or 35%, above the five-year average, leaving U.S. propane stocks well above historical norms.
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