EIA: Gulf Coast Propane/Propylene Stock Draw Pulls US DN
10/21 10:36 AM
EIA: Gulf Coast Propane/Propylene Stock Draw Pulls US DN OAKHURST, N.J. (DTN) --- U.S. propane/propylene inventories were drawn down for a third week, falling 1.572 million bbl in the week ended Oct. 16 as stocks dropped 3% in the Gulf Coast PADD 3, midmorning data released by the Energy Information Administration show. Total domestic supply of propane and propylene at 98.325 million bbl moved to a 3.1% year-over-year surplus from better than 4% the week prior. The draw in Gulf Coast stocks pulled inventory down from a near four-year high and marked the first in five weeks. Supply slid 1.802 million bbl to 58.079 million bbl in the week profiled, 3.8% more than the same week in 2019. Midwest PADD 2 supply edged higher after two weeks of decline, up 132,000 bbl to 25.790 million bbl last week. The year-over-year supply deficit narrowed to 3.7% from 5.5% the previous week. East Coast PADD 1 supply moved off a six-week low, gaining 120,000 bbl to 8.539 million bbl, 5% more than the same week last year. EIA reported implied propane/propylene demand jumped to a five-week high 1.473 million bpd, up 335,000 bpd from the week prior while 189,000 bpd above the same week a year ago. For the four-week ended Oct. 16, demand at 1.106 million bpd was down 3.8% from the corresponding four-week period in 2019 while cumulative demand at 1.1126 million bpd is 3.5% higher than a year ago. U.S. refiner and blender net production of propane/propylene edged up slightly to 2.157 million bpd, about 100,000 bpd more than a year ago. Four-week average output at 2.230 million bpd was 105,000 bpd above the same time last year. Gulf Coast PADD 3 net production of propane and propylene continued lower, down 38,000 bpd to 1.255 million bpd while Midwest PADD 2 output rose 40,000 bpd to 461,000 bpd. EIA reported U.S. propane/propylene exports slid 364,000 bpd to 1.027 million bpd in the week ended Oct. 16 while four-week average exports totaled 1.226 million bpd versus 1.087 million bpd in the same period in 2019. (c) Copyright 2020 DTN, LLC. All rights reserved.
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