By Tyler Durden
The expanding energy crisis is causing propane to rocket higher (read:Â here) as supplies dwindle to below seasonal levels as research firm IHS Markit Ltd. warns of “Armageddon” during the Northern Hemisphere winter.
IHS analyst Edgar Ang told attendees during a virtual presentation on Tuesday that US propane inventories are at a record low and will be extremely tight as cold weather is ahead. Mean temperatures in the Lower US 48 are expected to dip into the 60-55F range through the end of this month.
Heating degree days are set to soar by month end, suggesting the heating season has already begun.
