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.
