Slide 17 of 24
Notes:
The chart provides a picture of propane production over the past three years compared to the five-year average. Total propane production in the first five months of this year is 85 thousand barrels lower compared to the same period last year.
However, last year’s production was extremely high over the first half of the year. Except for January and February of this year, propane production has been at or above the five-year average. As we will see, the low levels of propane production in the first two months of the year can be explained by looking at natural gas prices.
