Propane inventories built 3.2M/bbls this past week, another robust build for C3, but not unexpected.
I recorded an 8 minute video this morning talking about this build, where I think things are headed inventory wise, the potential impacts to propane prices from the impending US-China trade war, current propane price trajectories, outmonth propane price charts and more. There is so much going on and that I can relate to you in an eight-minute video vs two hours to write it all out in a post that would be far too long.
Also, early in the video I said national inventories were at 55.1M/bbls and we were now 500,000/bbls higher than last year at the same time. That was a mistake. National levels are at 54.1M/bbls and now just 500,000/bbls behind last year’s pace, though I still believe we overtake last year’s build pace by the end of th month, as I have been predicting.
Also, here is the link I mentioned in the video to last week’s commentary with Michael Clark of BAMWx.com, our meteorological partner, about El Nino’s. More from Michael later this week.
Thanks for watching, and I hope this is helpful for you…buy the dips, because exports are expected to be very strong over the second half of the summer…stronger than even today’s significant number of 1.013M/bpd.