US propane and propylene stocks climbed by 1.66 million barrels to 87.38 million barrels for the week ending July 10, reaching a new historic high, Energy Information Administration data showed Wednesday.
This came as a result of a boost in Gulf Coast stocks, which rose 2.1 million barrels to 55.7 million barrels, also reaching a record level.
Gulf Coast first reached record levels during the week that ended May 8, when it was 44.7 million barrels. Since then the region has added another 11 million barrels. Current USGC stocks are 27 million barrels higher than the previous 5-year average and 20 million barrels more than last year’s level for the corresponding week.
Total US stocks first hit a record level during the week that ended June 19, reaching 81.97 million barrel.
Prior to that, US stocks were at their highest at the end of the injection season during 2014, when the stocks were at 81.61 million barrels for the week ending October 17, 2014, EIA data showed.
In contrast, East Coast stocks fell 931,000 barrels to 4.2 million barrels as a result of withdrawals from PADD I B (a 855,000 barrels draw), which is represented by Delaware, the District of Columbia, Maryland, New Jersey, New York, and Pennsylvania.
Midwest stocks rose 474,000 barrels to 24.6 million barrels. The build was much smaller compared to the previous year at 1.2 million barrels but close to the five-year-average build of 685,800 barrels.
US stocks of propylene for nonfuel use fell 164,000 barrels week on week to 5.1 million barrels.
Imports over the reporting week fell 10,000 b/d to 76,000 b/d, while exports remained flat at 600,000 b/d.
Product supplied, or implied demand, rose 98,000 b/d to 891,000 b/d.
