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Propane Inventories Sharply Lower

With only one week remaining in the 2007-08 heating season, propane inventories continued sharply lower last week, posting a 1.9 million-barrel stockdraw that put total inventories at an estimated 25.4 million barrels as of March 21, 2008. Most of the weekly stockdraw was concentrated in the Gulf Coast with inventories dropping down by 1.6 million barrels. In the East Coast, inventories also moved lower with a 0.3 million-barrel decline, while Midwest inventories remained relatively flat during this same time. Inventories in the combined Rocky Mountain/West Coast region edged lower by nearly 0.1 million barrels last week. Propylene non-fuel use inventories fell last week by 0.4 million barrels to account for a smaller 8.3 percent share of total propane/propylene inventories compared with the prior week.