The EIA reported a 1.8-MMbbl build in total U.S. propane/propylene inventories for the week ended September 25, lifting stocks to 109.6 MMbbl (red line in the chart below). The build exceeded both the industry-expected increase of 470 Mbbl and the average build of 1.6 MMbbl for the week. Stocks are 6.3 MMbbl, or 6%, above both the same week in 2025 (blue line) and the five-year maximum, and 17.7 MMbbl, or 19%, above the five-year average (green line). The build was concentrated on the Gulf Coast, where PADD 3 inventories increased by 2 MMbbl to a record 70.4 MMbbl. The increase more than accounted for the nationwide build, as Midwest inventories declined and gains in the other regions were relatively small.
U.S. propane exports fell sharply this week, decreasing by 800 Mb/d to 1.67 MMb/d (red line in the chart below). Exports were 409 Mb/d, or 20%, below the four-week average of 2.08 MMb/d (green dashed line) and 337 Mb/d, or 17%, below the 2.01 MMb/d reported for the same week in 2025 (blue line). The decline coincided with a larger-than-expected build in U.S. propane inventories, leaving the combination of elevated stocks and lower exports to watch as the market moves into the seasonal draw period.
