The EIA reported a build of about 3 MMbbl in U.S. propane/propylene inventories for the week ended June 12, exceeding industry expectations for a 1.6 MMbbl build and the average build for the week of 2.2 MMbbl. Total U.S. propane/propylene inventories increased to 87.4 MMbbl, up 19.9 MMbbl, or 29%, from the same week last year and 22.4 MMbbl, or 35%, above the five-year average. Current inventory levels are also 10.5 MMbbl, or 14%, above the previous five-year maximum.
The EIA reported propane exports of about 1.99 MMb/d for the week ended June 12, down 102 Mb/d from the previous week. Export volumes were slightly above the year-to-date average of 1.98 MMb/d and higher than the 1.91 MMb/d reported during the same week last year, although they remained below the four-week average of 2.09 MMb/d.
