The extreme cold weather in the US is taking its toll on a whole host of energy products.
Most affected so far has been propane, which it turns out was understocked going into the season already:
As JBC Energy noted on Wednesday:
Moving to the light end of the barrel, US energy markets have experienced some unusual developments in recent weeks with severely cold weather leading to massive price fluctuations in propane, natural gas and ethane prices. Since the start of the cold weather in late December, overall propane stocks have declined by 10.6 million barrels to their lowest since June 2011, with a significant portion of these draws coming from the Midwest and as the Gulf Coast redirected flows northwards to supply weather affected areas.