Total U.S. propane inventory levels dropped for the first time this season, and they could edge down more in the coming days as Hurricane Helene curtails production and exports in the Gulf of Mexico (GOM).
Propane inventories recorded a draw of 1.5 MMbbl for the week ended September 20, based on the latest data released by the U.S. Energy Information Administration (EIA). This decrease contrasted with anticipated stock builds through the end of September and with survey expectations for a 1.68 MMbbl build. EIA data shows that inventory changes during this week of the year average just 155 Mbbl (green bar in first graph) and have historically recorded nearly as many years of draws as builds. Total inventories are now at 97.6 MMbbl (red line in second graph) and 2% below the five-year maximum (blue line in second graph).
