Propane inventories built 100,000/bbls for the week ending March 25th

National inventory levels now sit at 33.7M/bbls, which is the low point for this time on the calendar for the past eight years. The next lowest year was 2018, with inventories listed at 36.25M/bbls.

Exports checked in at 1.071M/bpd this week, falling from last week’s 1.130M/bpd.

Midwest inventories were shown to be flat week over week at 8.7M/bbls. This is the second lowest level for this week on the calendar over the past nine years, with 8.13 back in March of 2014 being the lowest. Gulf inventories are at 19M/bbls, down 200,000/bbls from last week and at their second-lowest recorded level over the past nine years.

WTI closed at $104.24 yesterday but is trading around $108 as of this writing. The reason for the jump in values are some ‘skeptical views’ relative to progress of peace between Russia and Ukraine, as this article points out.