National propane inventories posted a large build in the last week, adding 1.8 million barrels.
Figure released Thursday by the US Energy Information Administration show propane stocks rose to 37.5 million barrels in the week ending June 17. There are now the equivalent of 45.6 days of propane supply in storage. At the same time a year ago there were 46.2 million barrels in storage – the equivalent of 54.1 days’ supply.
The Midwest region posted the biggest build in the last week, adding 800,000 barrels. The Gulf Coast regional stock grew by 700,000 barrels, East Coast stocks grew by 300,000 barrels, and the Rocky Mountain/West Coast regional stocks posted a slight increase.
Despite the week’s significant inventory build, propane reserves are still tracking below last year’s levels, largely due to heavy demand during the cold spring as well as solid overseas demand for the gas.
But reserves have now grown by 11.1 million barrels in the last 10 weeks as the weather warms and homeowners use less propane to heat their homes.