Breaking down propane inventories

The United States was well stocked with propane heading into the 2024-25 winter heating season, according to U.S. Energy Information Administration (EIA) data. U.S. propane inventories were at the top of the five-year range spanning the winter of 2019-20 to the winter of 2023-24.

Propane inventories also remained above the previous five-year average for most of the storage injection season. The injection season was punctuated by U.S. inventories totaling 103 million barrels to end the week of Oct. 11, 2024. This was the highest total since the EIA began collecting weekly propane inventories in 2015.

Among the regional highlights, the Midwest (PADD 2) started the winter heating season with 29 million barrels, about 12 percent more than the five-year average and 8 percent more than the previous year.

With corn crops being harvested earlier in 2024 than on average, propane demand for grain drying was reduced. Propane inventories on the Gulf Coast (PADD 3) totaled 57 million barrels for the week ending Nov. 1. This was about 12 percent more than the five-year average.

Source: U.S. Energy Information Administration, Weekly Petroleum Status Report