Bottom Line: A break in streak of inventory builds and production increases finally delivers 2021 levels.
RBN Energy analysis reveals that the national inventory level finally reached that of 2021. Despite the nationwide total increase, NPGA continues to carefully monitor activity in PADDs 2 and 3. The Midwest region, which is PADD 2, increased inventories but still lags behind 2021 levels and below the five-year average. The Gulf Coast, which is PADD 3, experienced a significant export draw; expected given the ongoing geopolitical conflict in Europe and surging fuel costs. Meanwhile, PADDs 1 and 4 & 5 experienced increases in inventories. The potential for additional exports from the Northeast region of PADD 1 may draw down on the spring stockpile, however.
Access the full weekly report to read more about the current inventory levels and likely causes, including the impact on exports of ongoing lock-downs in China and the geopolitical conflict in Europe. Visit NPGA’s Inventory Trends (members only, password required) section for the full weekly report, monthly report, and data analysis. Questions? Contact NPGA Vice President, Regulatory & Industry Affairs Sarah Reboli.
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