BOOM! Just like that, the markets are up over a nickel. That’s what happened today shortly after the weekly EIA’s came out showing smaller than expected inventory gains.
Propane inventories showed a smaller than expected gain this week with a build of 500,000 to 61.8 million in the week ending 8/2/13, as reported by the Energy Information Administration. That’s 6.3 million below last year’s inventory level at this time and 500,000 over the 5-year average of 61.3 million.
Gulf showed the only gains with a build of 1.2 million to 35.3 million. All other areas dropped: Mid-Con fell 200,000 to 20.9 million, East was down 400,000 to 3.2 million and West was down 100,000 to 2.4 million.
Historical Averages: Mid-Con is down 6 million from this time last year and is down 3.6 million from the 5-year average of 24.2 million. Gulf coast inventory is 2.3 million above last year and 5.4 million above the 5-year average of 29.9 million. East Coast is down 2.7 million from last year and is 1.2 million below the 5-year average of 4.4 million.
Propane imports were down 19,000 to 73,000 bpd, erasing last week’s gain of 19,000. East Coast was down 1,000 to 11,000; Midwest was down 10,000 to 58,000; Gulf remains flat at zero and West was down 8,000 to 4,000. Propane exports were flat from last week at 252,000 bpd.
Other Inventory Numbers:
Crude Down: -1.3 mm
Motor Gas Up: +.0.1 mm
Distillates Up: +0.5 mm