Crude oil saw a build of over 4mm and propane saw a modest 100k draw as the EIA’s released a ‘delayed’ report that didn’t hit last week due to the government shutdown. You can choose to place whatever degree of trust in those as you want. I am not hanging my hat on it as there is supposed to be an additional inventory report later this week.
Crude oil is worth watching, as ever bit of news coming out related to the black stuff is bearish, in my opinion. Propane is seeing some seasonal demand kick in up the Midwest. Minnesota is getting slammed this week with some crop drying demand and we are seeing spot terminal outages in Iowa and Illinois, too. We are not expecting these to be long lived as what little crop drying there is will be hyper-local and should fizzle out soon. That said, colder temps have really kicked in through the upper and lower plains as well as in the heartland and colder temps will make their way down into the Southeast later this week, too.