The EIA reported that total U.S. propane/propylene inventories fell by 470 Mbbl for the week ended November 17, which was less than average industry expectations for a 920-Mbbl decline and the 778 Mbbl average draw for the week. Total U.S. propane stocks now stand at 99.3 MMbbl, which is 14.5 MMbbl, or 17.1%, above the 5-year average. Most of the week’s decline in inventories came from PADD 3 which had a 621 Mbbl draw in stocks. PADD 2 and PADD 4/5 also had decreases in inventory while PADD 1 came in with the only build for the reporting week of 570 Mbbl.
Weekly exports of propane reported by the EIA remained robust at 1.79 MMbbl/d, up 128 Mbbl/d from last week and above the year-to-date average of 1.60 MMbbl/d and on par with the 4-week average rate of 1.77 MMbbl/d.
