OREANDA-NEWS. US propane inventories rose 1.074mn bl to 93.87mn bl the week ended 14 August, in line with market expectations, according to the latest data from the US Energy Information Administration.

US inventories stand 34pc above levels seen last year and are 51pc above the average seen for the previous five years.

Market participants surveyed by Argus anticipated a build of roughly 1.49mn bl.

The largest gains were seen on the Gulf coast, where PADD III inventories rose 636,000 bl to 59.67mn bl. Stocks on the Gulf coast are rising as high freight rates have effectively closed the arbitrage with Europe and Asia for most traders.

In the midcontinent, propane inventories rose 248,000 bl to 26.3mn bl.

Stocks of non-fuel use propylene fell 152,000 bl to 4.5mn bl.