US DATA: EIA says propane product supplied reaches all-time high

New York — Total US propane product supplied reached the highest level in recorded history by gaining 714,000 b/d in the week ending Feb. 5, Energy Information Administration data showed Feb. 10.

EIA data revealed propane product supplied, or implied demand, at 2.20 million b/d, the highest level since data for propane demand was first released in April 2004. Propane demand hit 2.10 million b/d, then the second-highest total ever, in the week ending Jan. 8.

Propane stocks fell to the lowest level since the week ending April 12, 2019, tumbling 4.51 million barrels to 51.5 million barrels for a 15th consecutive weekly draw.

"We [are] running out," one market participant said of propane inventories.

Total propane production and exports also declined, with production sliding 38,000 b/d from a 55-week high to 2.37 million b/d. Exports declined 197,000 b/d to 1.10 million b/d, the second-lowest level year to date.

According to S&P Global Platts Analytics data, 13 VLGCs loaded from US ports in the week ended Feb. 5, six more than the previous week. Six were destined for Asia, including one bound for South Korea, while three were bound for Latin America - two for Mexico and one for Brazil. Platts Analytics also showed VLGCs destined for Portugal and Jamaica.

S&P Global Platts assessed February non-LST propane, reflecting barrels at the Enterprise NGL storage and fractionation facility in Mont Belvieu, Texas, at 85.75 cents/gal Feb. 10, up 37.5 points day on day and based on a standing bid in the Platts Market on Close assessment process.