U.S. Propane Inventories Sink by 6.2 MMbbl

News
U.S. propane stocks the week ended Jan. 22 fell by 6.2 MMbbl to stand at 83.7 MMbbl, according to the U.S. Energy Information Administration’s (EIA) “This Week in Petroleum” report. As of that reporting period, inventories were 14.4 MMbbl, or 20.8%, higher than a year ago. Gulf Coast volumes dropped by 4 MMbbl, the Midwest 1.7 MMbbl, the East Coast 0.4 MMbbl, and the Rocky Mountain/West Coast 0.1 MMbbl. Propylene non-fuel-use stocks represented 3.9% of total supplies, up from 3.6% the previous week.

U.S. propane production for the week came in at 1.621 MMbbld, nearly 0.1 MMbbld lower than a week earlier but up minimally from last year. East Coast production was at 0.146 MMbbld, the Midwest 0.355 MMbbld, and the
Gulf Coast 0.948 MMbbld. Imports to the nation were at 0.133 MMbbld, virtually unchanged week over week and only marginally lower than a year ago. The East Coast received 0.062 MMbbld and the Midwest 0.041 MMbbld. U.S. propane demand stretched to 1.945 MMbbld, up almost 0.6 MMbbld for the week and about 0.3 MMbbld higher than last year.

EIA reported that the average U.S. residential propane price for the week ended Jan. 25 was 202.4 cents/gal., up 0.4 cents for the week but down a sharp 35.2 for the year. The New England average was 274.2 cents, Central Atlantic 268.6 cents, Lower Atlantic 282.8 cents, Midwest 147.7 cents, Gulf Coast 220.3 cents, and Rocky Mountain 185.3 cents. The agency calculated the average U.S. wholesale propane price at 44.2 cents/gal., 3.3 cents higher for the week but down 18.9 cents for the year. The East Coast average was 50.4 cents, Central Atlantic 55.1 cents, Lower Atlantic 43.2 cents, and Midwest 41.7 cents.

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