The total U.S. propane inventory notched a modest gain last week, adding almost 1.3 million barrels to the supply, according to the afternoon’s report from the Energy Information Administration (EIA).
The Midwest kicked in 800,000 barrels, with the Gulf Coast region adding another 500,000 barrels. The inventory settled at 27.8 million barrels at the end of last week, which is below the five-year average.
By comparison, last year’s end-of-April mark was 8.4 million barrels higher.
So where has all the propane gone this spring? Especially, when production of the fuel and its related natural gas byproducts has been hitting record highs, according to the Department of Energy. The oil news site, OPIS, points to a trifecta of supply pressures this spring: a chilly April that kept thermostats cranked up, strong thirst overseas pushing up exports, and increased demand from the plastic-makers.