US propane inventories have posted another large build – now notching up their eleventh-consecutive weekly increase.
Figures released Thursday by the US Energy Information Administration show propane stocks increased by 2.3 million barrels in the week ending July 1. There are now 41.5 million barrels of propane gas in storage nationwide – the equivalent of 55.5 days’ supply. At the same time a year ago there were 49.7 million barrels in storage – the equivalent of 61.5 days’ supply.
Though propane reserves are still tracking below last year’s levels, reserves are growing fast as the weather warms and people use less gas to heat their homes. Propane remains popular during summer, however, as people fire up the propane grills and propane-powered air conditioning units to cool their homes as the mercury rises.
The latest inventory build was led by the Midwest region, which added 1.2 million barrels of propane. Gulf Coast stocks grew by one million barrels in the last week while the East Coast and Rocky Mountain/West Coast stocks grew by less than 100,000 barrels.
Propylene non-fuel use stocks represented 5.4 percent of total propane inventories, the EIA said.
US propane reserves have now grown by 15.1 million barrels in the last 12 weeks.