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U.S. propane exports in November hit record 410,000 bpd
January 30, 2014 / 4:47 PM / 4 years ago

U.S. propane exports in November hit record 410,000 bpd

NEW YORK, Jan 30 (Reuters) - Propane exports from the United States rose to 410,000 barrels per day (bpd) in November, a four-decade high, according to data released by the U.S. Energy Information Administration (EIA) on Thursday.

The November exports eclipsed the 408,000 bpd exported the previous month, helping drain domestic inventories of the heating fuel ahead of the winter.

U.S. propane exports first reached 200,000 bpd in November 2012 and did not exceed 300,000 bpd until May 2013, according to the EIA data, which dates back to 1973.

Brutal cold in much of the country has sparked demand for the heating fuel, especially in the U.S. Midwest, where low stockpiles and distribution problems helped send prices to a record near $5 a gallon a week ago.

The export data arrived a day after the EIA’s weekly oil inventory report showed U.S. propane inventories fell 3.6 million barrels to 31.7 million barrels in the week to Jan. 24, with stockpiles in the Midwest region dropping 1.4 million barrels to 8.8 million barrels. (Reporting by Robert Gibbons; Editing by Steve Orlofsky)

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