Propane Industry News

NATIONAL — The United States Energy Information Administration (EIA) expects that this summer will see the second-most U.S. natural gas consumption for electricity generation on record, surpassed only by last summer. EIA continues to expect significant growth in U.S. electricity generation from wind and solar, but the wet winter in California and the western U.S. should also increase electricity generated from hydropower during the coming months.

Stephanie Tuman joins Quality Steel Corporation as regional sales manager for the upper Midwest territory previously managed by Ken Horton, who recently moved into the mid-Atlantic territory.

Stephanie joins Quality Steel from CHS Inc. (Cenex) where she held various roles over the past 13 years, most recently as an account manager expert for their wholesale propane division. Stephanie also has experience selling propane tanks, cylinders, and bulk tanks as an account manager in their energy division, tripling their growth over five years.

LT Corporation of Cleveland, Mississippi, the parent company of Quality Steel Corporation, LP Cylinder Service Inc., Buckeye Manufacturing Company, and Kryton Engineered Metals Inc., announced the acquisition of the assets of Tate Metalworks Inc.

Tate, founded in 1972 and operating with its manufacturing facility in Spartanburg, South Carolina, is an industry-leading specialty shop fabricator and field erector of welded steel storage tanks and pressure vessels serving a host of heavy industrial clients.

In its April Short-Term Energy Outlook (STEO), the United States Energy Information Administration (EIA) increased its forecast for the 2023 Brent crude oil price by 2.5% from its previous forecast. This change came after OPEC and its partner countries (OPEC+) announced crude oil production cuts for 2023. EIA expects the Brent crude oil spot price to average $85 per barrel in 2023, $3 per barrel higher than its March forecast.

The Baker Hughes United States rig count is down three from last week to 748, with oil rigs down two to 588, gas rigs down one to 157 and miscellaneous rigs unchanged at three.

Canada's primary underground propane inventories decreased by 27.24% in April, according to the Canada Energy Regulator. The total represented a month-to-month decrease of 184.6 Mcm. Compared to a year earlier, stocks were higher, with 120 Mcm, or 32.15%, more product on hand. 

During the latest mid-month period, prices at Mont Belvieu, Texas, increased as we head into spring. The posted prices increased 10 cents/gal, from March mid-month to April mid-month while the spot prices increased 15.25 cents. Conway, Kan., postings ended with a 14.124-cent increase and spots increased 16.5 cents over the month.