Daily Propane Production Approaches All-Time Highs
April 4, 2024
The DOE inventory report had crude oil up 3.21 million barrels, gasoline down 4.26 million barrels and distillates down 1.27 million barrels. Crude oil supplies at Cushing, Ok were down 377,000 barrels.
US crude oil production held steady at 1.31 million barrels per day.
Propane inventories were down 354,000 barrels putting total stocks at 51.810 million barrels, 3.898 million below last year at this time.
Propane production was up 13,000 barrels putting production at 2.673 million barrels per day which is not the highest ever but close. Inventories were at 102.4 million barrels back in October and this was the seasonal peak. Midwest stocks were down 176,000 putting total stocks at 12.584 million and las year here were 11.824 million. Gulf Coast stocks were down 66,000 barrels putting total stocks at 31.550 million and last year there we 36.996 million.
The US Department of Energy said it will not award oil supply contracts for Louisiana’s Bayou Choctaw Strategic Petroleum Reserve site in August and September due to high oil prices.