US propane inventories have posted their eighth-consecutive weekly build, adding 1.1 million barrels.
Figure released Thursday by the US Energy Department show national propane stocks rose to 35.7 million barrel in the last week. There are now the equivalent of 42 days’ supply in storage. At the same time last year there were 45.1 million barrels in storage – the equivalent of 49.1 days’ supply.
The biggest build in stocks last week was in the Midwest region, which added 600,000 barrels. The Gulf Coast region added 300,000 barrels and the East Coast/Rocky Mountain regions each added 100,000 barrels.
Propane stocks are still tracking below last year’s levels, though reserves are steadily increasing as the weather warms and people use less gas to heat their homes. Propane inventories have grown at a slower rate this year because of a cold spring and heavy demand from overseas importers.
National propane stocks have now added 9.3 million barrels in the last eight weeks.