For the week ending April 7, the EIA reported a small build of 469 Mbbl for U.S. propane inventories. Expectations for inventories were mixed as to whether inventories would build or have a withdrawal. The average of expectations called for a decline in propane stocks of only 21 Mbbl. The increase in stocks was in line with the average build for the week of 463 Mbbl. Total U.S. propane stocks are now at 56.2 MMbbl, which is 13.2 MMbbl, or 31%, above the 5-year average.
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- Analyst Insight
Weekly U.S. Propane Inventories Decline Well Below Industry Expectations
U.S. propane inventories had the second-largest decline for the reporting period in the last 10 years. This week’s withdrawal was well below industry expectations for a 1.5-MMbbl build.
- Analyst Insight
Robust Propane Exports Drive Big Inventory Draws
Exports of propane reported by the EIA on March 29 remained robust at 1.80 MMbbl/d for the week ending March 24. Weekly export volumes were strong for the third consecutive week and were well above the four-week average of 1.68 MMbbl/d. 2023 year-to-date exports are at 1.60 MMbbl/d, which is 350 Mbbl/d, or 28%, more than the four-week average for 2022 which was 1.25 MMbbl/d.
- Analyst Insight
Propane Weekly Inventory Draw Lower Than Expected as Exports Fall
On April 5, the EIA reported that U.S. propane inventories for the week ending March 31 declined by only 535 Mbbl compared to industry expectations for a draw of 900 Mbbl. Once again exports were the primary factor driving stock changes.
