Corrected: US propylene stocks rise as prices fall

18 May 2007 00:17  [Source: ICIS news]

Correction: In the ICIS news story headlined “US propylene stocks rise as prices fall” dated 16 May 2007, please read in the second paragraph …rose by 60,000 bbl … instead of …rose by 20,000 bbl …. A corrected story follows.

HOUSTON (ICIS news)--US propylene stocks for non-fuel uses rose by 60,000 bbl to 2.268m bbl during the week ended 11 May, the US Energy Information Administration (EIA) said on Wednesday, which in turn pushed down prices, according  to traders.

Non-fuel use propylene is intended for petrochemical manufacturing including polymer- and chemical-grade propylene, according to the EIA.

The rising stocks pushed refinery-grade propylene prices lower in May, due to perceptions of increased supply in the propylene complex, according to traders.

The build through 11 May reversed a broadly steady decline in EIA stocks from 2.368m bbl during the week ended 6 April to 2.208m bbl during the week ended 4 May.

Propylene sources attributed the earlier decline in stocks to a series of refinery outages.

The most recent spot transaction heard done was at 44.5 cents/lb ($980.78/tonne) for May on Tuesday, sources said, down by about 10% from the end of April.

By: Mark Quiner
+1 713 525 2653

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