Propane Inventories Surge For Fifth Straight Week

Propane stocks added 1.1 million barrels in the last week - their fifth-consecutive weekly build. (image: gilesbowkett.blogspot.com)

Propane inventories have posted their fifth-consecutive weekly build, adding 1.1 million barrels in the last week as temperatures warm.

The figures were released Wednesday by the Energy Department’s Energy Information Administration. Propane stocks grew to 31.6 million barrels – the equivalent of 37.5 days worth of supply. At the same time last year, there were 39.7 million barrels in reserve – or 38.9 days’ supply.

The largest build in stocks last week was in the Midwest region, which added 700,000 barrels. The East Coast added 300,000 barrels, the Gulf Coast added 100,000 barrels and the Rocky Mountain/West Coast regional stocks posted marginal gains.

The EIA said propane stocks were tracking below the average range for this time of year but had added 5.2 million barrels over the last five weeks.

Though production of propane has been hitting record levels, the seasonal build in inventories has been slower than last year because of a cold spring and strong demand for the gas from overseas. But with warming spring temperatures, stocks are now replenishing as people use less propane gas to heat their homes.