US propane inventories—FOURTH QUARTER 2008–FIRST QUARTER 2009: Economic turmoil pushes propane supply to season-ending surplus

Weather is always an important influence on propane supply-demand trends during the winter heating season, but the financial crisis and ensuing economic recession had substantial and overriding impact on supply-demand trends during winter 2008-09.Late last year, we highlighted the impact of Gustav and Ike on gas plants, refineries, and petrochemical plants (OGJ, Nov. 3, 2008, p. 54). We did not know in fall 2008 that the financial crisis would dwarf Gustav and Ike as the most important influence on supply-demand trends for the winter heating season 2008-09. Furthermore, the financial crisis pushed a normal crude oil price correction in July into hypercollapse during the fourth quarter.Thi...

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