The EIA announced a draw of 4.8M/bbls for the week ending January 31st, 2025. This compares to one year ago, when inventories were sitting at 60.5M/bbls for this same week of the year.
The 11-year average inventory level for this week of the year is 59.17M/bbls, so we are still over 2M/bbls higher than that. However, this current season’s inventory surplus has been shrinking fast. That’s not to say that inventories are still not ample for the remainder of this season; they are.
However, back in early February, our inventory surplus was over 10M/bbls higher than the 11-year average and over 13M/bbls higher in mid-October. PADD-II (Midwest) inventories are at 15M/bbls, which is exactly the same number as their 12-year average.
Propane exports were reported at 2.137M/bpd, which is the fifth-highest total in history.
