US PROPANE —FOURTH QUARTER 2011: FIRST QUARTER 2012: Mild US winter stokes bearish propane outlook for late 2012

Dan Lippe Petral Worldwide Inc. Houston Weather events such as hurricanes or cold winters always concern the propane marketing community, but the event that everyone dreads is a mild winter. The winter of 2011-12 was persistently warmer than average November through March. The mild weather was so pervasive that the year-to-year declines in propane demand in all regional retail markets were of historic proportions. The decline in demand from winter 2010-11 created an inventory surplus of 15-20 million bbl. The inventory surplus in the US and Canada will be a sustained bearish influence on propane markets and pricing in North America during third and fourth quarters 2012. Feedstock demand...

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