U.S. propane inventories posted a counter-seasonal draw during the week ended July 3, well below industry expectations. The decline was centered in PADD 3, where inventories recorded their largest same-week draw.
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U.S. propane inventories posted a smaller-than-expected build, but stocks remain well above seasonal levels. Production also remains elevated, although it has eased from earlier June highs—a trend worth watching as the summer inventory build continues.
U.S. propane inventories continued their seasonal climb last week, reaching 90 MMbbl—24% above year-ago levels and 13% above the previous 5-year maximum. Meanwhile, U.S. propane exports remained elevated at 2.03 MMb/d, above both recent averages and 2025 levels.
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U.S. propane inventories continue to climb. The EIA reported a larger-than-expected inventory build, pushing stocks to 87.4 MMbbl, 29% above year-ago levels and 35% above the five-year average. Propane exports moved lower week over week but remained above year-ago levels.
The NGL business is one of the most logistically complex segments of the energy industry. To really make sense of it you need to step back and look at the big picture. That’s exactly what our new U.S. NGL Infrastructure Map provides — a comprehensive view of the entire NGL value chain.
U.S. propane inventories increased by 1.1 MMbbl for the week ended June 5, below both industry expectations and the seasonal average. While inventories remain well above year-ago and five-year levels, the pace of stock builds has moderated since early April, particularly in the Gulf Coast region.
U.S. propane inventories continued to build in late May, rising 2.1 MMbbl to 83.3 MMbbl and remaining well above historical levels. Meanwhile, propane exports fell sharply from the prior week to 1.65 MMb/d, though volumes remained higher than the same week last year.
After falling to its lowest monthly average since October 2023 in April, the U.S. propane-to-WTI crude ratio is showing signs of recovery. The ratio started June higher than May's average, as propane regained some ground relative to crude oil. While it's too early to call a sustained turnaround, the early June rebound bears watching.
