The EIA reported an unusual 382-Mbbl draw in U.S. propane/propylene inventories for the week ended May 22, versus industry expectations for a 1.4-MMbbl build and the historical average increase of 1.6 MMbbl for the week. The draw was nearly 2 MMbbl below the seasonal norm and marked the largest inventory decline for the same week since our recordkeeping began in 2011, reflecting stronger-than-expected export demand. Total U.S. propane/propylene inventories now stand at 81.2 MMbbl, up 26.1 MMbbl, or 47%, versus the same week last year, 10.5 MMbbl, or 15%, above the five-year maximum, and 24 MMbbl, or 42%, above the five-year average.
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