The EIA reported that propane inventories drew 2.8M/bbls for the week ending January 12th, 2024.
Current inventory levels stand at 76.3M/bbls and are now 300,000/bbls below where we were one year ago at this time, the first time we have seen a year-over-year inventory deficit in well over a year.
That said, national inventory levels are just barely behind last year’s total and now sit in the 4th highest position over the past ten years and on the higher side of the ten-year average of 69M/bbls.
Inventories in PADD-II, or the Midwest, sit at 20.3M/bbls, or roughly 2M/bbls higher than their 11-year midpoint, sitting at of their 11-year ranges (with 2014 being a significant outlier), with Gulf inventories less than 3M/bbls higher than the 11-year average.