Propane inventories continue to build, increasing by 1.8 million for a current total of 78.8 million, as reported by the Energy Information Administration as of 6/5/15. Inventory is 29.6 million above 2014’s inventory level at this time and 24.5 million above the 5-year average of 54.3 million.
Regional Inventories: Midwest up 900,000 to 20.7 million; Gulf flat at 50.2 million; East up 600,000 to 5.1 million; and West up 200,000 to 2.8 million.
Historical Averages: Midwest is 4.1 million above last year’s inventory level and is 2.3 million above the 5-year average of 18.4 million. Gulf Coast inventory is 23 million above last year and 20.3 million above the 5-year average of 29.9 million. East Coast is up 1.7 million from last year and is up 1.1 million from the 5-year average of 4 million.
Propane imports were up 38,000 bpd to 101,000 bpd. East Coast down 1,000 to 24,000; Midwest up 31,000 to 63,000; Gulf was flat at zero bpd and West up 8,000 to 14,000. Propane exports were flat from the last 2 weeks at 449,000 bpd.
Other Inventory Numbers:
Crude Down: -6.8 mm to 1,162.9
Motor Gas Down: -2.9 mm to 217.4
Distillates Up: +0.9 mm to 133.5
The build in propane was smaller than I expected, especially in the Gulf, where there was neither a build nor draw reported. I have a hard time buying that one since exports were also reported as flat from one week ago and the North-South spread hadn’t evaporated entirely at that time. Crude oil is up around $1.00/bbl as of 10am central. Propane prices are where they ended the day yesterday.