US propane: prices hold, inventories remain low in first quarter 2004

At the end of first quarter 2004, monthly average propane prices in the US firmed to 58¢ and 60¢/gal at Conway, Kan., and Mont Belvieu, Tex., respectively. February stocks closed at 25.8 million bbl, still 5 million bbl below normal.Petrochemical demand stayed strong in March at 337,000 b/d. February extraction was also strong at 536,000 b/d. Refinery production of propane averaged 340,000 b/d in January. PricingA propane price correction that was evident in February ended in March. While prices going into second quarter 2004 were only higher by 1¢ at 60¢/gal at Mont Belvieu, it appears we have entered an era of relatively stable but higher prices. Prices appeared like...

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