US DATA: Propane stocks post largest one-week build in nine months

Total US propane stocks climbed 4.08 million barrels in the week ending May 28, Energy Information Administration data showed June 3.

Propane stocks reached 48.2 million barrels, with the week-over-week build the largest since stocks increased 4.39 million barrels in the week ending Aug. 28, 2020. Even with the increase, propane stocks averaged 45.2 million barrels in May, down 17.9 million barrels from the May 2020 average.

Propane exports, production and product supplied all declined week over week.

Propane exports tumbled 619,000 b/d to an eight-week low of 789,000 b/d, marking just the fourth week year to date exports were under 1 million b/d.

Propane production slipped 6,000 b/d to 2.33 million b/d for a fifth consecutive week above 2.30 million b/d.

Propane product supplied, or implied demand, fell 27,000 b/d to 1.03 million b/d. Demand averaged 943,500 b/d in May.

S&P Global Platts assessed June non-LST propane, reflecting barrels at the Enterprise NGL storage and fractionation facility in Mont Belvieu, Texas, at 90.50 cents/gal June 3, down 1 cent day on day and based on a trade in the Platts Market on Close assessment process during which Trafigura bought 25,000 barrels from Oneok.