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Propane inventories drew by 3.1MM/bbls for the week ending February 13th, 2026. National inventories now sit at 74.2M/bbls, still over 6M/bbls higher than the previous high-water mark for this week of the year, all-time.
Exports were back over 2M/bpd, but propane production was back over 2.8M/bd for the first time in a month, as production has now fully recovered from the brutal cold experienced in the South and Northeast.
We have seen 19.4M/bbls of draws the past four reporting weeks, which is solid demand. However, each of the past two winters has seen a four-week period when demand exceeded 19.4M/bbls. Still, that's solid demand, but the draw numbers were definitely aided by a significant reduction in propane production by roughly 200,000/bpd from the weeks prior to the deep cold.
