Propane inventories are higher again this week, increasing by 2.2 million for a current total of 73.2 million, as reported by the Energy Information Administration as of 5/22/15. Inventory is 31.1 million above 2014’s inventory level at this time and 23.4 million above the 5-year average of 49.8 million.
Regional inventories continue to build. Midwest up 500,000 to 18.7 million; Gulf up 1.0 million to 47.9 million; East up 600,000 to 4.1 million; and West up 100,000 to 2.6 million.
Historical Averages: Midwest is 3.9 million above last year’s inventory level and is 2 million above the 5-year average of 16.7 million After last week’s report, the Midwest was 2.3 million above the five-year average, and this variance has been getting smaller and smaller the last six weeks. Gulf Coast inventory is 25.2 million above last year and 20 million above the 5-year average of 27.9 million. East Coast is up 1.1 million from last year and is up 600,000 from the 5-year average of 3.5 million.
Propane imports were up 17,000 bpd to 92,000 bpd. East Coast flat at 26,000; Midwest was up 18,000 to 58,000; Gulf was flat at zero bpd and West down 1,000 to 8,000. Propane exports increased for the first time in 3 weeks, up 21,000 to 449,000 bpd.
Other Inventory Numbers:
Crude Down: -2.2 mm to 1,171.2
Motor Gas Down: -3.3 mm to 220.6
Distillates Up: +1.1 mm to 128.8
Keep an eye on propane exports in the coming weeks. Export capacity will grow a great deal this summer and United States propane prices are cheaper than anywhere in the world.