The EIA reported an unusual 1.3 MMbbl draw in U.S. propane/propylene inventories for the week ended May 1, compared with industry expectations for a 565 Mbbl build and the average build for the week of 1.5 MMbbl. It was the first draw reported for the corresponding week since recordkeeping began in 2011 and marked the second consecutive week of off-season withdrawals, suggesting the propane market may be tightening more quickly than expected heading into summer. Despite the recent draws, total U.S. propane/propylene inventories remain historically elevated at 77.6 MMbbl, or 61% above year-ago levels, 26% above the 5-year maximum, and 52% above the 5-year average.
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