US propane and propylene stocks jumped 479,000 barrels to 27.15 million barrels for the reporting week ended February 28, Energy Information Administration data showed Wednesday.
The build was far above market expectations, which were for a 300,000 barrel draw, according to Gulf Coast sources.
Gulf Coast stocks grew by 630,000 barrels to 15.61 million barrels.
Midwest stocks saw a draw of 391,000 barrels to 8.5 million barrels.
The East Coast, which has received several propane cargoes over the past few weeks, saw a 283,000 barrel build to 1.96 million barrels.
Mont Belvieu, Texas, propane continued its slide following the bearish data. March propane was trading at $1.0725/gal. The propane assessment on Tuesday was at $1.0965/gal.
