The EIA reported that total U.S. propane/propylene inventories increased by 3.1 MMbbl for the week ended May 19, which was above industry expectations for a build of 2.4 MMbbl and the 1.7 MMbbl average build for the week. Total U.S. propane stocks are now at 66.7 MMbbl, which is 16.3 MMbbl, or 32%, above the 5-year average. Inventories are 20.4 MMbbl, or 44%, above the same week in 2022 and 4 MMbbl above the 5-year maximum. The strong inventory build was primarily due to weaker propane exports which plunged by 314 Mbbl/d from the prior week to 1,303 Mbbl/d, which is well below the 4-week average of 1,525 Mbbl/d.
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