The EIA announced a draw of 1.9M/bbls for the week ending March 14, 2025, which puts total US inventories at 43.3M/bbls. This compares to one year ago, when inventories were sitting at 52.2M/bbls for this same week of the year, so we have 17% less propane on hand right now than we did one year ago this week, which is notable.
The 43.3M/bbls of inventory for this week of the year are lower than the five and ten years averages, respectively. We have seen an inventory drawdown of 59.9M/bbls since the fall, which is the third-largest in-season inventory drawdown on record.
Exports were reported at 2.194M/bpd, which is the fourth-largest weekly export total ever reported by the EIA. Propane production edged north of 2.7M/bpd for the first time since December of 2024.
The image directly below shows Midwest (PADD-II) inventory levels, which are essentially tied for being the second-lowest we have seen to end a season since we ended the 2013-2014 season with 7.9M/bbls; we have 8.7M on hand right now. We are tied with 2021-2022 for the second-lowest level, but we began that supply season with nearly 4M more barrels of inventory on hand. We have seen a 20.2M/bbl inventory drawdown this season in PADD-II, which is the largest on record…
