U.S. Propane Inventories Fall 2.2 MMbbl

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U.S. propane stocks fell by 2.2 MMbbl the week ended Feb. 20 to stand at 59.2 MMbbl, according to the Energy Information Administration’s (EIA) Feb. 25 “This Week in Petroleum” report. As of that reporting period, volumes stood 32.6 MMbbl, or 122.1%, higher than a year ago. Gulf Coast supplies decreased by 1 MMbbl, the East Coast by 0.7 MMbbl, and the Midwest by 0.5 MMbbl. Rocky Mountain/West Coast regional inventories remained unchanged. Pro­pylene non-fuel use stocks represented 7.5% of total inventories, up from 6.8% the previous week.

Propane production for the week was at 1.477 MMbbld, virtually unchanged week over week but nearly 0.1 MMbbld higher than last year. East Coast production stood at 0.147 MMbbld, the Midwest 0.315 MMbbld, and the Gulf Coast 0.805 MMbbld. Although there was little change for the week, all three regions dipped slightly. For the year, the East Coast and Midwest stepped up, while the Gulf Coast was barely lower.

Imports to the nation were at a minimal 0.102 MMbbld, little changed from a week earlier but nearly 0.1 MMbbld under last year. The East Coast received 0.051 MMbbld and the Midwest 0.034 MMbbld. The Gulf Coast barely registered at 0.005 MMbbld. U.S. propane demand for the week was at 1.391 MMbbld, off 0.3 MMbbld from a week earlier but up nearly 0.2 MMbbld from a year ago.

The average U.S. residential propane price for the week ended Feb. 23 was 235.3 cents/gal., according to EIA, down 0.3 cents from the previous week and 94.4 cents lower than a year earlier. The New England residential average was 311.0 cents; Central Atlantic, 294.5 cents; Lower Atlantic, 304.2 cents; Midwest, 187.7 cents; Gulf Coast, 245.5 cents; and Rocky Mountain, 212.2 cents. EIA pegged the average U.S. wholesale propane price for the week at 75.1 cents/gal., up 2.9 cents from the prior week but down 109.0 cents from last year. The East Coast whole­sale average was 87.8 cents; Central Atlantic, 93.9 cents; Lower Atlantic, 78.7 cents; and Midwest, 70.0 cents.

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