Propane Inventories Down Despite Mild Winter
The Department of Energy’s Energy Information Administration is reporting that U.S. propane inventories fell 59 million barrels since October despite a mild winter, largely on record exports.
“As domestic propane consumption has remained relatively flat or declined on an annual basis, U.S. exports of propane have continued to increase,” the EIA said in its Today In Energy feature. “Rising production and lower seasonal heating demand over the past two winters, in particular, have meant that more propane has been available for export.”
Stocks began to fall during the week of October 7, 2016, EIA data showed, when inventories were at 103.93 million barrels. As of March 10, the latest data available, stocks had dipped to 44.47 million barrels, or 18.03 million barrels below levels at this time a year ago.
The 59.46 million-barrel draw this season tops last year's winter draw by almost 20 million barrels -- in the same 23-week period -- and is 32 million barrels larger than winter 2014-15.