EIA: US Propane Stocks Drop
CANYON LAKE, Texas (DTN) -- The Energy Information Administration on Thursday reported U.S. inventories of propane/propylene dropped about 2.5 million barrels (bbl) in the week ended Nov. 8 to 97.7 million bbl, with stocks lower in all major regions of the country.
At 97.7 million bbl on Nov. 8, domestic propane/propylene stocks are up 13.9 million bbl or 16.6% from the same week in 2018 and about 10% above the five-year average level, EIA data shows.
Midwest PADD 2 propane/propylene stocks fell 1 million bbl in the week ended Nov. 8 to 24.8 million bbl and Gulf Coast PADD 3 supplies dropped 800,000 bbl at 60.7 million bbl. Compared to the same time in 2018, Midwest PADD 2 propane/propylene supplies are down 2 million bbl or 7.5% while Gulf Coast PADD 3 stocks are up 15.4 million bbl or 34%.
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East Coast PADD 1 propane/propylene stocks decreased 500,000 bbl in the week ended Nov. 8 at 8.1 million bbl, which is up 400,000 bbl or 5.2% from the year-ago level.
EIA data shows U.S. propane/propylene exports at 1.111 million barrels per day (bpd), up from 1.048 million bpd in the week prior. Domestic exports of propane/propylene in the four weeks ended Nov. 8 averaged 1.084 million bpd compared with 773,000 bpd in the same period in 2018.
U.S. propane/propylene imports were at 122,000 bpd in the week, down from 149,000 bpd in the week prior. Propane imports in the last four weeks averaged 124,000 bpd compared with 157,000 bpd in the same period last year.
Propane/propylene inventories in PADDs IV and V, which include the Rocky Mountain and West Coast regions, dropped 200,000 bbl in the week ended Nov. 8 to 4 million bbl, up 100,000 bbl or 2.6% from the year-ago level.
Agency data showed implied demand for propane/propylene at 1.484 million bpd, up from 1.107 million bpd the week prior but less than the 1.547 million bpd reported for the corresponding week last year. Implied demand in the four weeks ended Nov. 8 was at 1.217 million bpd compared with 1.311 million bpd in the same period in 2018.
EIA reported refiner and blender net production of propane/propylene at 2.114 million bpd, up from 2.052 million bpd in the week prior. Versus the same time last year, refiner and blend propane/propylene production is up 174,000 bpd or 9%.
(CZ)
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