EIA: US Propane Stocks Up 3.1M Bbl in Week as Exports Slow
CANYON LAKE, Texas (DTN) -- The Energy Information Administration today
reported U.S. inventories of propane and propylene increased a
more-than-expected 3.1 million bbl in the week-ended May 29 to 67.3 million
bbl, with Gulf Coast PADD 3 stocks up almost 2 million bbl as exports remained
at below year-prior levels.
The EIA estimated U.S. propane and propylene exports at 1.027 bpd, down from
1.122 million bpd in the week prior. U.S. propane/propylene exports in the
four weeks ended May 29 averaged 955,000 bpd compared with 1.237 million bpd in
the same period in 2019.
Gulf Coast PADD 3 propane/propylene inventories increased 1.9 million bbl in
the week-ended May 29 to 43.1 million bbl, which is up 200,000 bbl versus the
same time in 2019.
Total U.S. propane/propylene stocks at 67.3 million bbl are up 3.9 million
bbl or 6.2% from the same time in 2019 and about 12% above the five-year
average level, EIA data shows. The estimated 3.1 million bbl build in
propane/propylene inventories in the week-ended May 29 compares with a 2.5
million bbl increase in the same week in 2019. A DTN survey Tuesday showed
market participants expected propane stocks would build 1.85 million bbl during
EIA data showed Midwest PADD 2 propane/propylene inventories climbed 900,000
bbl in the week to 15.6 million bbl, which is up 700,000 bbl or 4.7% from a
U.S. propane/propylene imports in the week-ended May 29 averaged 68,000 bpd,
down from 107,000 bpd in the week prior. Propane imports in the last four weeks
averaged 96,000 bpd versus 119,000 bpd in the same period in 2019.
East Coast PADD 1 propane/propylene stocks were unchanged in the week at 5.6
million bbl, which is up 2.0 million bbl or 55.5% from the same time last year,
EIA data shows.
Propane/propylene inventories in PADDs IV and V, which include the Rocky
Mountain and West Coast regions, increased 300,000 bbl in the week at 3 million
bbl and are up 800,000 bbl or 57.9% above the year-ago level.
EIA data showed implied demand for propane/propylene at 589,000 bpd, down
from 779,000 bpd in the week prior. Implied demand for propane/propylene over
the four weeks ended May 29 averaged 827,000 bpd versus 653,000 bpd in the same
period in 2019.
On the supply side, the EIA estimated refiner and blender net production of
propane/propylene at 1.989 million bpd, down 25,000 bpd from the week prior.
Refiner and blender net production of propane and propylene averaged 1.970
million bpd over the four weeks ended May 29 compared with 2.099 million bpd in
the same period last year.
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