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.
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- Analyst Insight
Exports Let the Air Out of U.S. Propane’s Cushion Early
U.S. propane inventories have fallen 3.8 MMbbl in three weeks, the steepest decline for this period in at least a decade, as strong exports pull Gulf Coast stocks lower. The surplus to last year has shrunk to 2.7 MMbbl and could disappear as soon as next week.
- Analyst Insight
U.S. Propane Exports Rock Back as Stocks Roll Lower
U.S. propane inventories posted a larger-than-expected draw as exports rebounded and Gulf Coast stocks pulled back from last week’s record high. Total inventories remain 17% above the five-year average heading into the seasonal draw period.
- Analyst Insight
Gulf Coast Turns Down the Volume as U.S. Propane Stocks Roll Lower
U.S. propane inventories posted a second straight draw, led by a 1.9-MMbbl decline on the Gulf Coast. Total stocks remain 14% above the five-year average, but the surplus sits entirely in PADD 3, while Midwest stocks have slipped below the five-year average heading into winter.
