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%.
April 25, 2024
