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US DATA: EIA says propane product supplied climbs to near 14-year high

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US DATA: EIA says propane product supplied climbs to near 14-year high

Highlights

Propane demand reaches highest level since February 2007

Propane stocks record 11th straight draw, hit 33-week low

New York — Total US propane product supplied climbed 402,000 b/d to the highest level in nearly 14 years in the week ended Jan. 8, Energy Information Administration data showed Jan. 13.

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Propane product supplied, or implied demand, reached 2.10 million b/d, the second-highest level ever, according to EIA data dating to April 2004. Propane demand was only higher at 2.14 million b/d in the week ended Feb. 2, 2007.

Total US propane exports also recorded a significant week-on-week gain, building 272,000 b/d to 1.35 million b/d and marking the 10th time that the EIA reported exports over 1.30 million b/d since the week ended Sept. 18, 2020.

According to S&P Global Platts Analytics data, 19 VLGCs loaded from US ports in the week ended Jan. 8, three more than the previous week. Five were destined for Asia, including two for Japan and one for China, while one each was bound for Belgium, Brazil, the Dominican Republic and South Africa.

Propane production gained 83,000 b/d to 2.34 million b/d, while propane stocks posted an 11th consecutive weekly draw by tumbling 6.73 million barrels to a 33-week low of 66 million barrels.

S&P Global Platts assessed January non-LST propane, reflecting barrels at the Enterprise NGL storage and fractionation facility in Mont Belvieu, Texas, at 90.875 cents/gal Jan. 13, up 3.875 cents for a 14th consecutive day-on-day increase and the highest level since Platts assessed propane at 91 cents/gal Oct. 22, 2018.