The Gulf Coast region added the biggest weekly build in propane inventories, pushing national stocks to a seven-week high. (image: todaysphoto.org)
US propane inventories continued to climb last week, posting their seventh consecutive weekly build.
Figures released Thursday by the Energy Department’s Energy Information Administration show national propane stocks added 1.8 million barrels. There are now 34.6 million barrels in storage – the equivalent of 42.2 days’ supply. At the same time last year there were 42.9 million barrels in storage but only 41.8 days’ supply in reserve.
The Gulf Coast accounted for most of last week’s increase, adding 1.1 million barrels. The East Coast added 300,000 barrels, the Midwest added 200,000 barrels and the Rocky Mountain/West Coast region added 100,000 barrels.
While propane stocks are still tracking below last year’s levels, inventory levels are gathering steam as the warmer weather means less gas is burned for home heating. National propane inventories have now added 8.2 million barrels in the last seven weeks.