The EIA announced a draw of 4.7M/bbls for the week ending January 10, 2025. National inventories now stand at 77.9M/bbls compared to 76.3M/bbls one year ago this week.
The 4.7M/bbl draw is the largest of the season so far, and largest since we drew 5.3M/bbls the week ending January 26th of last year. The cold in the forecast remains the biggest story in our industry, with below normal anomalies likely for the majority of the United States through the end of the month, then the cold pool pulls back to the west and the Southeast and extreme eastern portions of the US will warm up. But for folks in the Midwest and the PNW, colder than normal anomalies are forecast to be with us for the next month…or more. Chris Cox and I talk more about the weather outlook in our new Propane Buzzcast video we recorded yesterday, and linked a few sections lower (and right here).
Jon Miller and Chris Cox return for the first Propane Buzzcast of 2025, recorded on January 14th, the middle of a January that most of us in the propane industry will remember for a long, long time. We discussed the possibility of Conway getting to $1.00/cpg, and we are already knocking on that door today.