US Propane Stocks 40% Above Normal at 81.6 Million Barrels

US propane stocks stood at 81.6 million barrels as of May 15, 40% above the 5-year median, per the EIA Weekly Petroleum Status Report. PADD 3, the Gulf Coast, held 56.2 million barrels of that total, 55% above its 5-year median. Days of supply ran 91, based on a trailing four-week product supplied average of 900 thousand barrels per day (Mb/d).

• Mont Belvieu propane spot fell 6.8% on the week to $0.779/gal, per EIA, and sits 6% above the 5-year median.
• PADD 1A, New England is the national outlier: 0.2 million barrels, 20% below the 5-year median, the furthest-below-normal PADD position in this week's EIA data.
• US product supplied came in at 1,008 Mb/d for the most recent week, up 133% from the prior week, per the EIA WPSR. Sixteen series including consumption have not updated in more than two weeks, so this figure likely reflects a data catch-up rather than a single week of observed demand.
• New Jersey wholesale propane last surveyed at $1.510/gal, 19% above the 5-year median. The EIA price survey (State Heating Oil and Propane Program) runs October through March and is paused for the season.
• Puerto Rico propane exports ran 7 Mb/d for the most recent month, per EIA monthly trade data, 600% above the 5-year median for this lane.

Data note: Sixteen series, including consumption and several inventory figures, have not updated in more than two weeks. Product supplied data should be treated as preliminary pending confirmation.