Inventory 4/24/24

US Propane/Propylene Stocks Up by 1 Million Bbl, Short of Expectations: EIA
U.S. propane and propylene stocks rose by 1 million bbl to 56.7 million bbl in the week ended Friday, the Energy Information Administration said on Wednesday.
The build left holdings down by 3.74% year to year.
The inventory gain fell short of the average build of 2.37 million bbl forecast in Tuesday’s OPIS survey, in which market sources had estimated a build of between 2 million bbl and 3.5 million bbl. EIA estimated Gulf Coast (PADD 3) holdings rose last week by 100,000 bbl to 35.6 million bbl, leaving them 7.8% below the comparable week of last year. The agency also said Midwest (PADD 2) stocks rose last week by 900,000 bbl to 13.4 million bbl, up 6.35% year to year.
East Coast (PADD 1) stocks increased by 100,000 bbl to 3.9 million bbl, leaving them 25% below where they were a year ago, according to EIA. Holdings in the Rocky Mountains (PADD 4) and the West Coast (PADD 5) fell by 100,000 bbl to 3.7 million bbl.
That was up 48% year to year.
EIA also reported exports last week rose by 760,000 b/d to 2.335 million b/d, putting them 68% above the year-ago number. The four-week export average was 1.705 million b/d. The agency’s estimate of product supplied, an indicator of implied demand, fell by 236,000 b/d to 439,000 b/d, down 35% year to year. The four-week average demand was 962,000 b/d. Refiner and blender net production of propane and propylene rose by 88,000 bbl last week to 2.823 million b/d, up 14.6% from 2023.

The four-week average stood at 2.726 million b/d.
EIA estimated imports last week rose by 6,000 b/d to 91,000 b/d, putting them down just over 1% year to year.
Propane that was fractionated and ready for sale rose last week by 900,000 bbl to 30.8 million bbl, according to the EIA data.
PADD 3 Gulf Coast propane fell by 200,000 bbl to 19.1 million bbl, while the Midwest number increased by 100,000 bbl to 7.6
million bbl. The East Coast also saw a 100,000-bbl gain to 2.4 million bbl.
Rocky Mountain PADD 4 remained unchanged at 700,000 bbl and West Coast PADD 5 was steady at 1 million bbl.

Inventory 12/28/23

U.S. propane and propylene inventory fell by 9 million bbl to
84.7 million bbl in the week ending Friday, according to the
Energy Information Administration petroleum inventory report
released Thursday. Year to year, stocks are down 0.35%.
The decline was greater than the average 1.88 million bbl
drawdown estimated in an OPIS poll Wednesday as well as
outside of the range of expectations of withdrawals of 1.5
million bbl to 2.1 million bbl.
The EIA stated last week that they will be making some
revisions to recently overstated Midwest (PADD 2) propane
storage data, which may have contributed to the larger propane
storage draw.
According to the EIA report, exports grew by 70,000 b/d to
1.882 million b/d last week. The four-week average stands at
1.853 million b/d. Year to year, exports are up 33.3%.
Propane and propylene product supplied, an indicator of
implied demand, grew 166,000 b/d to 1.397 million b/d last
week. Year to year, it is down 17.4%.
Refiner and blender net production increased by 30,000 b/d
to 2.638 million b/d last week. The four-week average stands at
2.628 million b/d. Year to year, production is down 8.9%.
Imports fell by 8,000 b/d to 113,000 b/d. Year to year, they
are down 3.4%.
Combined propane and propylene stocks in the Gulf Coast
region (PADD 3) fell by 1.2 million bbl to 48.9 million bbl. Year
to year, they are up 2%.
Midwest (PADD 2) stocks declined 6.4 million bbl to 22.1
million bbl. Year to year, they are down 7.43%.
East Coast (PADD 1) stocks decreased 700,000 bbl to 8.2
million bbl. Year to year, they are up 3.65%.
PADDs 4 and 5 inventories declined 700,000 bbl to 5.5
million bbl. Year to year, they are up 30.95%.

Inventory 12/20/23

U.S. propane and propylene inventory fell by 2.2 million bbl to 93.7 million bbl in the week ending Friday, according to the Energy Information Administration petroleum inventory report released Wednesday. Year to year, stocks are down 2.3%. The decline was greater than the average 1.5 million bbl drawdown estimated in an OPIS poll Tuesday, but within the range of expectations of withdrawals of 1 million bbl to 2.3 million bbl. According to the EIA report, exports grew by 101,000 b/d to 1.812 million b/d last week. The four-week average stands at 1.781 million b/d. Year to year, exports are up 21.6%. Propane and propylene product supplied, an indicator of implied demand, grew 31,000 b/d to 1.231 million b/d last week. Year to year, it is down 28.7%. Refiner and blender net production decreased by 24,000 b/d to 2.608 million b/d last week. The four-week average stands at 2.63 million b/d. Year to year, production is down 0.68%. Imports fell by 9,000 b/d to 121,000 b/d. Year to year, they are down 30.5%. Combined propane and propylene stocks in the Gulf Coast region (PADD 3) slipped by 1,800 bbl to 50.1 million bbl. Year to year, they are up 0.4%.

Midwest (PADD 2) stocks declined 200,000 bbl to 28.5 million bbl. Year to year, they are up 10.5%.
East Coast (PADD 1) stocks increased 200,000 bbl to 8.9 million bbl. Year to year, they are up 21.9%.
PADDs 4 and 5 inventories dipped 400,000 bbl to 6.2 million bbl. Year to year, they are up 40.9%.